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Royal London

Multi-Asset Funds ICVC

Interim Report

For the six month period ended 30 June 2026 (unaudited)

Page 2

Contents

Company Information* 3

Directors’ Report* 4

Summary of Significant Accounting Policies 5

Funds Royal London GMAP Diversified Bond Fund 9 Royal London GMAP Defensive Fund 17 Royal London GMAP Balanced Fund 25 Royal London GMAP Growth Fund 34 Royal London GMAP Adventurous Fund 43 Royal London GMAP Dynamic Equity Fund 52 Royal London Multi Asset Strategies Fund 60 Royal London GMAP Moderate Growth Fund 68 Royal London GMAP Extra Adventurous Fund 76

Fact File Constitution 84 Investment Objectives and Policies* 89

General Information 94

* The Authorised Corporate Director’s report comprises these items, together with the following for each individual sub-fund: Manager’s Investment Report; Investment Objective and Policy and Portfolio Statement. The Director is referred to as the AIFM and ACD interchangeably.

Royal London Multi-Asset Funds ICVC 2

Page 3

Company Information

Company Royal London Multi-Asset Funds ICVC Registered in England with Company Number IC001058

Registered office: 80 Fenchurch Street, London EC3M 4BY

Director The Authorised Corporate Director (ACD) is Royal London Unit Trust Managers Limited which is the sole director. The ACD also acts as the Alternative Investment Fund Manager (AIFM).

Place of business and Registered office: 80 Fenchurch Street, London EC3M 4BY

Authorised and regulated by the Financial Conduct Authority; a member of The Investment Association (IA).

T: 020 7506 6500 F: 020 7506 6503

Directors J.M. Brett (Independent Non-executive Director) (Chairman) H.I. Georgeson J.S. Glen (Independent Non-executive Director) (Resigned 25 March 2026) A.L. Hunt (Resigned 30 April 2026) J.M. Jackson (Independent Non-executive Director) R. Kumar (Resigned 6 October 2025) R. McNamara (Appointed 11 May 2026) S. Spiller (Resigned 30 June 2026)

Investment Adviser Royal London Asset Management Limited

Place of business and Registered office: 80 Fenchurch Street, London EC3M 4BY

Authorised and regulated by the Financial Conduct Authority.

Depositary HSBC Bank plc 8 Canada Square, Canary Wharf, London E14 5HQ

Authorised and regulated by the Financial Conduct Authority.

Registrar SS&C Financial Services International Limited The Register may be inspected at: SS&C House, St Nicholas Lane, Basildon, Essex SS15 5FS

Authorised and Regulated by the Financial Conduct Authority.

Independent Auditor KPMG LLP Chartered Accountants and Statutory Auditor 15 Canada Square, London E14 5GL

Royal London Multi-Asset Funds ICVC 3

Page 4

We are pleased to present the Interim Report for Royal London Multi-Asset Funds ICVC, covering the six month period from 1 January 2026 to 30 June 2026.

Royal London Multi-Asset Funds ICVC (‘the Company’) is authorised and regulated by the Financial Conduct Authority and is structured as an umbrella investment company, in that the Company proposes to issue shares linked to different sub funds which have been established.

The Company is a non-UCITS retail scheme and qualifies as an Alternative Investment Fund within the meaning of AIFMD.

The sub-funds in existence during the six month period from 1 January 2026 to 30 June 2026 were:

Royal London GMAP Diversified Bond Fund (launched 14 March 2016)

Royal London GMAP Defensive Fund (launched 14 March 2016)

Royal London GMAP Balanced Fund (launched 14 March 2016)

Royal London GMAP Growth Fund (launched 14 March 2016)

Royal London GMAP Adventurous Fund (launched 14 March 2016)

Royal London GMAP Dynamic Equity Fund (launched 14 March 2016)

Royal London Multi Asset Strategies Fund (launched 23 November 2018)

Royal London GMAP Moderate Growth Fund (launched 25 July 2024)

Royal London GMAP Extra Adventurous Fund (launched 9 January 2026)

An ICVC may comprise a single fund or may be structured as an umbrella with a number of different sub-funds, each with its own portfolio of underlying assets invested in accordance with the investment objective and policy applicable to that sub-fund.

Currently, the funds of an umbrella company are ring-fenced, and consequently creditors of the company may not look to all the assets of the company for payment regardless of the sub fund in respect of which that creditor’s debt has arisen.

Shareholders are not liable for the debts of the Company.

This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority.

For and behalf of Royal London Unit Trust Managers Limited

Authorised Corporate Director

H. I. Georgeson (Director)

R. McNamara (Director)

24 August 2026

Directors’ Report

Royal London Multi-Asset Funds ICVC 4

Page 5

1. Accounting policies

Basis of preparation The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, in compliance with the Financial Conduct Authority’s Collective Investment Schemes sourcebook. They have been prepared in accordance with the UK Financial Reporting Standard 102 (FRS 102, FRS 104) and the Statement of Recommended Practice for Authorised Funds (SORP) for Financial Statements of Authorised Funds issued by The Investment Association in October 2025.

The accounting policies outlined below have been applied on a consistent basis throughout the period.

Further analysis of the distribution and the net asset position can be found within the Financial Statements of the individual sub-funds.

Basis of valuation of investments The investments of the Company have been valued at closing mid price on 30 June 2026, the last valuation point in the accounting period.

This is deemed by the ACD to reflect the fair value of investments.

If the closing mid price is not available the price used is the last available published price at the year end.

The ACD has assigned the responsibility to review and approve fair value pricing decisions to the RLAM Valuation Oversight Committee. In accordance with the RLAM Pricing and Ensuring Fair Value Policy, the Committee provide regular governance and oversight on suspended, defaulted, delisted, unquoted or manually priced securities, taking into consideration where appropriate, latest dealing prices, valuations from reliable sources, financial performance and other relevant factors.

Investments in dual priced Collective Investment Schemes (CIS) have been valued at the mid price of the bid and offer price. Single priced CIS have been valued at their quoted price.

Derivative assets and liabilities are valued at the fair value price to close out the contract at the Balance Sheet date, using available market prices or an assessment of fair value based on counterparty valuations and appropriate pricing models.

Exchange rates Assets and liabilities denominated in foreign currencies have been converted to sterling at the mid-market closing rates of exchange on 30 June 2026.

Foreign income and expenditure have been converted into sterling at the rate of exchange ruling at the date of transaction.

Summary of Significant Accounting Policies For the six month period ended 30 June 2026

Recognition of revenue Revenue from equities and non-equity shares (including distributions from collective investment schemes and Exchange Traded Funds) is recognised when the security is quoted ex ‑ dividend. Revenue received from investments in authorised collective investment schemes, which are purchased during the financial period, will include an element of equalisation which represents the average amount of revenue included in the price paid for shares or units. This equalisation is treated as capital and deducted from the cost of the investment.

Interest and revenue from bank balances and deposits and other securities is recognised on an accruals basis.

UK dividends are shown net of any associated tax credits attached to the income.

Overseas revenue received after the deduction of withholding tax is shown gross of tax, with the tax consequences shown within the tax charge.

Dividends from UK REITs are split into PID (Property Income Distributions) and Non-PID components for tax purposes. Revenue arising from UK REITs tax-exempt rental business is colloquially known as PID revenue and is taxable in the hands of the Fund. A UK REIT may also carry out activities that give rise to taxable profits and gains, it is from these that the REIT will make a Non-PID distribution, these are treated for tax purposes in the same way as dividends from UK companies and are reflected under UK dividends within the revenue note.

Interest earned on interest bearing securities are determined on an effective yield basis. Effective yield is a revenue calculation that reflects the amount of amortisation of any discount or premium on the purchase price over the remaining life of the security.

The fees charged on underlying collective investment schemes and exchange traded funds are reimbursed back to the sub ‑ funds via either rebate agreements or by Royal London Asset Management Limited. The accrual and reimbursement of this fee (referenced as management fee rebates) is recognised as either capital or income in accordance with the management fee charged on the underlying Collective Investment Schemes.

Royal London Multi-Asset Funds ICVC 5

Page 6

1. Accounting policies – continued

Treatment of expenses Expenses are recognised on an accruals basis.

The underlying sub-funds may hold a number of share classes. Each share class suffers a different Fund Management Fee, which can be found in the Prospectus. Consequently the level of expenses attributable to each share class will differ.

The costs and charges detailed in the Prospectus, including the ACD’s own fee, will be met out of this fixed Fund Management Fee. In the event the actual costs incurred by a sub-fund exceed the level of the fixed Fund Management Fee applicable to that share class, the ACD shall bear any such excess. Where the actual costs incurred by a sub-fund fall below the fixed Fund Management Fee, the ACD shall be entitled to retain any amount by which the fixed Fund Management Fee exceeds those actual costs.

Taxation Royal London GMAP Diversified Bond Fund and Royal London Multi Asset Strategies Fund satisfied the qualifying investments test of Statutory Instrument 2006/964 Authorised Investment Funds (Tax) Regulations 2006 Paragraph 19 throughout the period. All distributions made are therefore made as interest distributions for these two sub-funds.

Provision is made for taxation at current rates on the excess of investment revenue over allowable expenses, with relief for overseas taxation taken where appropriate.

Deferred tax is provided on all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised on permanent differences.

Deferred tax assets are recognised only to the extent that it is more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted.

Summary of Significant Accounting Policies (continued) For the six month period ended 30 June 2026

Treatment of derivative contracts The unrealised gains or losses on Forward Foreign Exchanges (FFX) are disclosed in the Portfolio Statements, where such contracts are held by an individual sub ‑ fund.

The unrealised gains or losses on open future contracts are disclosed in the Portfolio Statement, where such contracts are held by an individual sub-fund. The margins paid on these contracts are included in the amounts held at derivative clearing houses and brokers.

Motives and circumstances are used to determine whether returns on derivative contracts should be treated as capital or revenue. Where positions are undertaken to protect or enhance capital and the circumstances support this, the returns are included within net capital gains/losses in the Statement of Total Return. Where they are undertaken for generating or protecting revenue and the circumstances support this, the returns are treated as revenue and are included within the net revenue in the Statement of Total Return.

The basis of apportionment is typically made by reference to the yield on the underlying security, index or other appropriate source.

Dilution adjustment In order to mitigate the effect of dilution the Regulations allow the ACD to adjust the sale and purchase price of shares in the sub-funds to take into account the possible effects of dilution.

This practice is known as making a “dilution adjustment” or operating swinging single pricing. The power to make a dilution adjustment may only be exercised for the purpose of reducing dilution in the Funds.

The ACD reserves the right to make a dilution adjustment every day. The dilution adjustment is calculated using the estimated dealing costs of a sub-fund’s underlying investments and taking into consideration any dealing spreads, commission and transfer taxes.

The need to make a dilution adjustment will depend on the difference between the net value of shares being acquired and the net value of shares being redeemed as a proportion of the total value of that Fund.

For historic swing factor percentages and frequency of adjustments by sub-fund please refer to the Prospectus.

Royal London Multi-Asset Funds ICVC 6

Page 7

Summary of Significant Accounting Policies (continued) For the six month period ended 30 June 2026

2. Distribution policies

Basis of distribution Revenue produced by the sub-funds’ investments accumulates during each accounting period. If at the end of the accounting period, revenue exceeds expenses, the net revenue of each sub-fund is available to be distributed, at share class level, to shareholders.

All nine sub-funds make distributions on a half yearly basis.

All sub-funds make dividend distributions except for the Royal London GMAP Diversified Bond Fund and Royal London Multi Asset Strategies Fund, which pay out available income in the form of interest distributions.

Apportionment to multiple share classes The allocation of revenue and expenses to each share class is based on the proportion of the sub-funds assets attributable to each share class on the day the revenue is earned or the expense is suffered. The ACD’s fixed Fund Management Fee is specific to each share class.

Expenses In determining the net revenue available for distribution, expenses related to the purchase and sale of investments are borne wholly by capital. All other expenses are borne by revenue on all the Funds.

Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.

3. Risk management policies In accordance with its investment objective, the Company holds financial instruments such as equity collective investment schemes, bond collective investment schemes, derivatives, Exchange Traded Funds (ETFs) and short-term debtors and creditors. The risks arising from the Company’s financial instruments are summarised below.

Market and cash flow risk Material exposure of the Company’s assets and liabilities to interest bearing instruments results in the risk of changes in market interest rates which, in addition to other market price risk arising from the uncertainty of future prices, can cause the value of financial instruments to fluctuate. This, in combination with variable cash flows, can potentially significantly affect the Balance Sheet and Statement of Total Return.

The ACD adheres to the investment guidelines and investment and borrowing powers established in the Prospectus and in the Rules governing the operations of ICVCs. In this way the ACD monitors and controls the exposure to risk from any type of security, market sector or individual issuer.

Credit and liquidity risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. This includes counterparty and issuer risk. Cash is held with reputable credit institutions and credit risk is assessed on a regular basis. Certain transactions in securities that the Company enters into expose it to the risk that a counterparty will not deliver the investment for a purchase, or cash for a sale after the Company has fulfilled its responsibilities. The Company only buys and sells investments through brokers which have been approved by the Manager as an acceptable counterparty and these are reviewed on an ongoing basis.

The Company’s assets comprise mainly readily available realisable securities, which can be sold to meet funding requirements if and when necessary. The main liability of the Company is the redemption of any shares that investors wish to sell. Liquidity risk, mainly derived from the liability to shareholders, is minimised through holding cash and readily realisable securities which can meet the usual requirements of share redemptions.

It should be noted however, that with regards the Royal London Property Trust a three months advance notice of intention to redeem is required. This notice can be waived at the ACD’s discretion. The ACD has measures in place to manage their liquidity profiles in line with any anticipated redemption flows to mitigate any credit risk to the Fund. In exceptional circumstances resulting from market uncertainty, the ACD also has the right to suspend dealing in the Royal London Property Trust. As mentioned above the liquidity risk associated to this exceptional circumstance has been deemed insignificant.

Currency risk The value of the Company’s investments may be affected by currency movements since a proportion of the assets are denominated in currencies other than sterling. The ACD may, from time to time, seek to mitigate the effect of these currency exposures by covering a proportion of its investments using forward currency hedges. The risk of currency movements on the income property of the Company is minimised by converting income received in foreign currency into sterling on the date of transaction.

Royal London Multi-Asset Funds ICVC 7

Page 8

3. Risk management policies – continued

Interest rate risk The Company has an indirect exposure to interest rate risk. It invests predominantly in bond collective investment schemes which subsequently invest in fixed and variable interest rate securities. There is also a small interest risk exposure on other fixed interest securities held by the Company. Any changes to interest rates relevant for particular securities may result in either revenue increasing or decreasing.

In general, if interest rates rise the revenue potential of the Company also rises but the value of fixed interest securities may decline. A fall in interest rates will, in general, have the opposite effect.

Interest rate risk also applies to balances held at the bank as disclosed in the balance sheet. Changes to the rate of interest applied on the underlying balances will affect the Company accordingly.

All cash balances earn interest at a variable rate.

Derivatives risk The ACD may employ derivatives for investment purposes and for efficient portfolio management (EPM). All derivative trading is in the form of instruments listed on a regulated exchange. The Funds may make use of EPM techniques to reduce risk and/or costs in the Fund and to produce additional capital or income in the Funds in a manner which is economically appropriate and with an acceptable level of risk.

Techniques used by the Fund may include using derivatives for hedging against price or currency fluctuations, engaging in securities lending and reverse repurchase transactions. EPM techniques may involve a Fund entering into derivative transactions or securities lending transactions with a counterparty. There maybe a risk that a counterparty will wholly or partially fail to honour its contractual obligations. To mitigate that risk, the counterparties to these transactions may be required to provide collateral to the Fund. The ACD has a collateral management policy which details the provisions which are in place to reduce this risk.

The use of derivatives and forward transactions for investment purposes may from time to time expose the Fund to volatile investment returns. Investing in derivatives does carry the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions.

Other risks Potential implications of an epidemic and/or a pandemic Epidemics and pandemics such as COVID-19, can seriously disrupt the global economy and markets. Pandemics and similar events could also have an acute effect on individual issuers or related groups of issuers and could adversely affect securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to a Fund’s investments or the ACD’s operations and the operations of the ACD’s and the Company’s service providers.

Political risk The value of the assets of a Fund may be affected by uncertainties such as international political developments, changes in government policies, taxation, restrictions on foreign investment and currency repatriation, and other developments in applicable laws and regulations. The Investment Manager is closely monitoring the current geopolitical risks, including those arising from the continuing conflict in the Ukraine and the Middle East.

4. Cross holdings Cross holdings of sub-funds is permitted.

There are no cross holdings within the Royal London Multi Asset Funds ICVC.

Summary of Significant Accounting Policies (continued) For the six month period ended 30 June 2026

Royal London Multi-Asset Funds ICVC 8

Page 9

Manager’s Investment Report

Cumulative Performance

(% change to 30/06/26)

6 month total return %

1 year total return %

3 year total return %

5 year total return % Royal London GMAP Diversified Bond Fund, Class M Accumulation

1.21 3.54 12.19 -2.75

Royal London GMAP Diversified Bond Fund, Class M Income

1.15 3.51 12.15 -2.82

Royal London GMAP Diversified Bond Fund, Class P Accumulation

1.15 3.54 12.27 -2.50

Royal London GMAP Diversified Bond Fund, Class R Accumulation

1.35 3.97 13.69 -0.53

Royal London GMAP Diversified Bond Fund, Class Z Accumulation

1.30 3.71 12.78 –

IA Sterling Strategic Bond Total Return (TR)* 0.63 3.24 15.16 -8.03

* Benchmark Class Z Accumulation launched on 31 January 2023. Past performance is not necessarily a reliable indicator of future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.

Source: Royal London Asset Management Limited and Morningstar, as at 30 June 2026. Returns are net of management fees. Investors should also note that the total return is calculated on the Fund’s official 2pm price whereas the Fund has been valued as at close of business for the Closing Net Asset Value quoted within the Comparative Table. For further information, including ongoing performance and Fund breakdown information, please refer to the latest factsheet at www.rlam.com.

Fund objective The Fund’s investment objective is to achieve a total return 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 fixed income strategies through investment in Collective Investment Schemes (CIS). The Fund forms part of the Royal London Global Multi-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 level of risk and return. The Fund is actively managed, meaning that the manager will use their expertise to select investments to meet the objective.

Performance overview The Fund outperformed the benchmark during the period under review.

Market overview Geopolitical tensions in the Middle East were a key driver of markets over the period, which saw commodities rise materially over the start of the year. Despite this, global equity markets performed well over the period, with euphoria around Artificial Intelligence (AI) once again boosting investor sentiment. Semiconductor companies, which are at the heart of the AI infrastructure buildout, were beneficiaries, rising sharply over Q2. Bond yields ended the period higher, as rising inflation risk saw markets moved to price in interest rate hikes from global central banks.

Portfolio commentary Short-dated government bonds outperformed long-dated equivalents in the first part of 2026, as investors rapidly changed expectations around central bank policy for the rest of the year. At the start of the year, there were numerous interest rate cuts priced in and this moved to expectations of interest rate hikes across major developed economies. Bond yields did ease somewhat after this however, as progress towards a fragile peace deal and lower oil prices helped ease inflation concerns.

Later in the period, both the ECB and the Bank of Japan delivered 25bps rate hikes. Following Warsh’s first meeting as Fed Chair, markets moved to price a tougher approach from the US central bank, with a rate hike expected in October.

The Fund remains neutral on global high yield, having reduced exposure when the Iran War started to protect against a potential stagflationary shock from higher energy prices. While risky assets have rallied sharply over recent few months, fixed income markets remain volatile, and credit spreads remain near historically tight levels.

Royal London GMAP Diversified Bond Fund

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 9

Page 10

Manager’s Investment Report

Investment outlook The Investment Clock is in Stagflation, reflecting the high oil price and weaker business surveys amid the still uncertain US Iran conflict. Energy prices retreated last quarter on signs of a fragile peace deal, but tensions have since risen again.

The AI boom is raising corporate earnings of technology stocks. Cycle-adjusted valuations are near dot com era levels. Innovation waves often get overblown in financial markets, even when their long-term impact is transformative.

Please see our Investment Clock blog at www.rlam.com for our latest views.

Trevor Greetham Fund Manager Royal London Asset Management Limited 30 June 2026

Please note that this commentary is written as at end of the review period. For insights into market events or positioning since then, please go to www.rlam.com. This report covers investment performance, activity and outlook. For a wider look at the Fund, our Annual Assessment of Value report is available at www.rlam.com. For further help on some of the terms used, please see our glossary at www.rlam.com/uk/individual-investors/glossary. The Task Force on Climate-related Financial Disclosures (TCFD) Report can be found under the relevant Fund name at https://www.rlam.com/uk/individual-investors/funds . This report has been prepared in accordance with the recommendations of the TCFD, which aims to help the investment community build a more in-depth and consistent picture of the impact of climate change. A copy of Royal London Asset Management Limited’s annual TCFD Report can also be found on our website. The views expressed are the author’s own and do not constitute investment advice and are not an indication of future Fund performance. Portfolio holdings are subject to change, for information only and are not investment recommendations. Source: Royal London Asset Management Limited, unless otherwise stated.

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 10

Page 11

Class M Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 115.52 110.37 110.45 105.61

Return before operating charges* 1.30 5.82 0.58 5.48

Operating charges (0.34) (0.67) (0.66) (0.64) Return after operating charges* 0.96 5.15 (0.08) 4.84

Distributions on accumulation shares (1.15) (3.39) (3.63) (3.05)

Retained distributions on accumulation shares 1.15 3.39 3.63 3.05

Closing net asset value per share 116.48 115.52 110.37 110.45

* after direct transaction costs of: – – – –

Performance Return after charges 0.83% 4.67% (0.07)% 4.58% Other information Closing net asset value (£’000) 1,154 1,393 1,736 2,548 Closing number of shares 991,114 1,205,939 1,572,737 2,306,752 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs – – – Prices ^ Highest share price 118.00 115.50 113.80 111.10 Lowest share price 113.80 108.70 107.60 102.20

Class M Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 95.90 94.39 97.66 96.05

Return before operating charges* 1.08 4.96 0.50 4.96

Operating charges (0.29) (0.57) (0.58) (0.58) Return after operating charges* 0.79 4.39 (0.08) 4.38

Distributions on income shares (0.95) (2.88) (3.19) (2.77)

Closing net asset value per share 95.74 95.90 94.39 97.66

* after direct transaction costs of: – – – –

Performance Return after charges 0.82% 4.65% (0.08)% 4.56% Other information Closing net asset value (£’000) 144 181 187 174 Closing number of shares 150,427 188,290 197,882 178,333 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs – – – Prices ^ Highest share price 97.97 97.73 99.81 100.40 Lowest share price 94.52 93.11 95.14 92.34

Class P Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 104.20 99.50 99.51 95.09

Return before operating charges* 1.16 5.25 0.53 4.94

Operating charges (0.29) (0.55) (0.54) (0.52) Return after operating charges* 0.87 4.70 (0.01) 4.42

Distributions on accumulation shares (1.06) (3.11) (3.34) (2.81)

Retained distributions on accumulation shares 1.06 3.11 3.34 2.81

Closing net asset value per share 105.07 104.20 99.50 99.51

* after direct transaction costs of: – – – –

Performance Return after charges 0.83% 4.72% (0.01)% 4.65% Other information Closing net asset value (£’000) 5 5 5 5 Closing number of shares 4,878 4,878 4,878 4,878 Operating charges 0.55% 0.55% 0.55% 0.55% Direct transaction costs – – – Prices ^ Highest share price 106.40 104.20 102.60 100.10 Lowest share price 102.70 98.04 96.95 92.06

Comparative Tables

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 11

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Comparative Tables (continued)

Class R Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 111.16 105.70 105.30 100.21

Return before operating charges* 1.25 5.59 0.55 5.24

Operating charges (0.07) (0.13) (0.15) (0.15) Return after operating charges* 1.18 5.46 0.40 5.09

Distributions on accumulation shares (1.37) (3.77) (3.96) (3.37)

Retained distributions on accumulation shares 1.37 3.77 3.96 3.37

Closing net asset value per share 112.34 111.16 105.70 105.30

* after direct transaction costs of: – – – –

Performance Return after charges 1.06% 5.17% 0.38% 5.08% Other information Closing net asset value (£’000) 452,408 430,793 393,150 467,605 Closing number of shares 402,724,110 387,557,360 371,953,558 444,079,824 Operating charges 0.12% 0.12% 0.12% # 0.15% Direct transaction costs – – – Prices ^ Highest share price 113.60 107.70 108.90 105.90 Lowest share price 109.70 101.20 102.60 97.34

# The FMF changed from 0.15% to 0.12% on 23 September 2024.

Class Z Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per share (p) (p) (p) (p) Opening net asset value per share 107.72 102.73 102.61 100.00

Return before operating charges* 1.21 5.42 0.54 2.99

Operating charges (0.22) (0.43) (0.42) (0.38) Return after operating charges* 0.99 4.99 0.12 2.61

Distributions on accumulation shares (1.18) (3.35) (3.57) (2.98)

Retained distributions on accumulation shares 1.18 3.35 3.57 2.98

Closing net asset value per share 108.71 107.72 102.73 102.61

* after direct transaction costs of: – – – –

Performance Return after charges 0.92% 4.86% 0.12% 2.61% Other information Closing net asset value (£’000) 3 3 2 3 Closing number of shares 2,500 2,500 2,500 2,500 Operating charges 0.40% 0.40% 0.40% 0.40% Direct transaction costs – – – Prices ^ Highest share price 110.10 111.20 105.90 103.20 Lowest share price 106.20 104.20 99.98 94.91

** Class Z Accumulation launched on 31 January 2023. ^ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. From 3 June 2019, the Fund has received a full rebate of synthetic costs to maintain the Fund Management Fee at a fixed level. It should be noted that past performance is not a reliable indicator of future performance and that the value of shares, and the income derived from them, can vary.

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 12

Page 13

Portfolio Statement As at 30 June 2026

Bond Collective Investment Schemes – 99.61% (99.23%) £21,578,199 Royal London Absolute Return Government Bond Fund R Acc † 28,518 6.29 £14,231,594 Royal London Ethical Bond Fund R Acc † 18,150 4.00 £11,251,525 Royal London Global Government Bond Fund R Acc † 11,362 2.50 £32,667,063 Royal London Global Sustainable Credit Fund R Acc † 33,970 7.49 £110,944,786 Royal London Index Linked Fund R Acc † 90,625 19.97 £19,830,564 Royal London International Government Bond Fund R Acc † 22,680 5.00 £17,743,156 Royal London Short Duration Global Index Linked Fund R Acc † 22,562 4.97 £20,186,360 Royal London Short-Term Money Market Fund R Acc † 24,437 5.39 £46,993,720 Royal London Sterling Liquidity Money Market Fund R Inc † 46,994 10.36 £39,131,011 Royal London Sustainable Corporate Bond Trust D Acc † 61,610 13.58 £94,783,717 Royal London UK Government Bond Fund R Acc † 91,019 20.06 Total Bond Collective Investment Schemes 451,927 99.61

Total value of investments 451,927 99.61 Net other assets 1,787 0.39 Total net assets 453,714 100.00 † Related Party All investments, except collective investment schemes, are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCA rules unless otherwise stated.

Holding Investment

Mid-market value (£’000) Total net assets (%)

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Page 14

Summary of Material Portfolio Changes For the six month period ended 30 June 2026

Total Purchases

Cost £’000 Royal London Index Linked Fund R Acc 7,525 Royal London UK Government Bond Fund R Acc 5,102 Royal London Sustainable Corporate Bond Trust D Acc 2,301 Royal London Global Sustainable Credit Fund R Acc 1,709 Royal London Short Duration Global Index Linked Fund R Acc 990 Royal London International Government Bond Fund R Acc 971 Royal London Ethical Bond Fund R Acc 578 Royal London Global Government Bond Fund R Acc 484 Royal London Asset Global High Yield Bond R Acc 280 Total cost of purchases, including the above, for the period 19,940

Total Sales

Proceeds £’000 Royal London Asset Global High Yield Bond R Acc 13,099 Royal London Index Linked Fund R Acc 3,664 Royal London UK Government Bond Fund R Acc 594 Royal London Global Sustainable Credit Fund R Acc 582 Royal London Short Duration Global Index Linked Fund R Acc 372 Royal London Sustainable Corporate Bond Trust D Acc 90 Total proceeds from sales, including the above, for the period 18,401

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 14

Page 15

Financial Statements

Statement of Total Return For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Income Net capital (losses)/ gains (708) 4,226

Revenue 5,699 5,709 Expenses (267) (245) Net revenue before taxation 5,432 5,464

Taxation – Net revenue after taxation 5,432 5,464

Total return before distributions 4,724 9,690

Distributions (5,432) (5,464) Change in net assets attributable to shareholders from investment activities

(708) 4,226

Statement of Change in Net Assets Attributable to Shareholders For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders

432,375 395,080

Issue of shares 24,448 16,352 Cancellation of shares (7,938) (16,328) 16,510 24 Change in net assets attributable to shareholders from investment activities

(708) 4,226

Retained distributions on accumulation shares 5,537 5,391

Closing net assets attributable to shareholders

453,714 404,721

Balance Sheet As at 30 June 2026

30 Jun 2026 31 Dec 2025 £’000 £’000 Assets Investments 451,927 429,037 Amounts receivable 238 877 Cash and cash equivalents 2,225 2,962

Total assets 454,390 432,876 Liabilities Distribution payable 1 3 Other amounts payable 675 498 Total liabilities 676 501 Net assets attributable to shareholders

453,714 432,375

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Notes to the Financial Statements For the six month period ended 30 June 2026

1. Accounting policies The accounting policies are set out in note 1 on pages 5 and 6 . 2. Related party transactions The Fund’s Authorised Corporate Director, Royal London Unit Trust Managers Limited, is a related party to the Fund as defined by Financial Reporting Standard 102 ‘Related Party Disclosures’.

Fund Management fees charged by Royal London Unit Trust Managers Limited are disclosed within the expenses figure shown on the Statement of Total Return and details of shares created and cancelled by Royal London Unit Trust Managers Limited are shown in the Statement of Change in Net Assets Attributable to Shareholders and the Distribution figure shown on the Statement of Total Return.

At the six months period end the balance due to/from Royal London Unit Trust Managers Limited in respect of these transactions was £654,000 (31/12/25: £650,000).

Amounts due from Royal London Unit Trust Managers Limited in respect of periodic charge rebates at the period end amounted to £82,000 (31/12/25: £73,000).

At the six months period end, 30 June 2026, 99.72% (31/12/25: 99.48%) of the shares in issue were held by The Royal London Mutual Insurance Society Limited. Royal London Unit Trust Managers Limited is a wholly owned subsidiary of The Royal London Mutual Insurance Society Limited.

3. Fair value of investments The fair values of the Fund’s assets and liabilities are represented by the values shown in the balance sheet. There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.

The fair value of investments has been determined using the following hierarchy:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

As at the period ended 30 June 2026

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 451,927 – 451,927

Total – 451,927 – 451,927

As at the year ended 31 December 2025

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 429,037 – 429,037

Total – 429,037 – 429,037

Royal London GMAP Diversified Bond Fund | Royal London Multi-Asset Funds ICVC 16

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Manager’s Investment Report

Cumulative Performance

(% change to 30/06/26)

6 month total return %

1 year total return %

3 year total return %

5 year total return % Royal London GMAP Defensive Fund, Class M Accumulation

3.75 9.05 21.34 17.30

Royal London GMAP Defensive Fund, Class M Income

3.38 8.64 20.88 16.11

Royal London GMAP Defensive Fund, Class P Accumulation

3.86 9.14 21.50 17.55

Royal London GMAP Defensive Fund, Class R Accumulation

3.98 9.53 22.74 19.55

Royal London GMAP Defensive Fund, Class S Accumulation

4.01 9.54 – –

Royal London GMAP Defensive Fund, Class Z Accumulation

3.89 9.18 21.93 –

IA Mixed Investment 0-35% Shares Total Return (TR)* 3.40 8.60 22.79 12.29

* Benchmark Class Z Accumulation launched on 31 January 2023 and Class S Accumulation launched on 30 September 2024. Past performance is not necessarily a reliable indicator of future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.

Fund objective The Fund aims to achieve capital growth over rolling 5-year periods, after the deduction of charges. The Fund forms part of the Royal London Global Multi-Asset Portfolio (“GMAP”) range and aims to achieve a high level of risk and return relative to other funds in the GMAP range as further described in the investment strategy. The performance comparator for the Fund is the IA Mixed Investment 40–85% Shares sector (“IA Sector”). Funds in the IA Sector must invest between 40% and 85% of their assets in shares. The Fund’s assets are generally consistent with these investment parameters therefore the IA Sector is considered appropriate as a performance comparator. Management of the Fund is not restricted by the use of the IA Sector as a performance comparator.

Performance overview The Fund outperformed the benchmark during the period under review.

Market overview Geopolitical tensions in the Middle East were a key driver of markets over the period, which saw commodities rise materially over the start of the year. Despite this, global equity markets performed well over the period, with euphoria around Artificial Intelligence (AI) once again boosting investor sentiment. Semiconductor companies, which are at the heart of the AI infrastructure buildout, were beneficiaries, rising sharply. Bond yields ended the period higher, as rising inflation risk saw markets moved to price in interest rate hikes from global central banks.

Royal London GMAP Defensive Fund

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Portfolio commentary Having begun the year with a tactically overweight position in equities, the Fund moved to a more defensive position towards the end of the first quarter, noting the sharp rise of uncertainty which accompanied the onset of the war between US and Iran. This saw the Fund move to a tactically underweight position heading into the Spring. The Fund shortly added back to equities at the lower levels, as investor sentiment started to improve from oversold levels on renewed AI enthusiasm.

At the regional level, tactical positioning has mostly been overweight Japan, the US and emerging markets supported by strong earnings and the enthusiasm around AI stocks. The Fund has also remained tactically underweight Europe throughout most of the period as earnings continued to be lacklustre and the region suffered with its greater sensitivity to the higher energy prices.

Elsewhere, our strategic allocation to commodities proved beneficial particularly in the early months of 2026, as the asset class surged over the quarter as escalating geopolitical tensions culminated in direct military conflict with Iran. Brent crude recorded its largest quarterly gain since the Gulf War in 1990 (+94%).

Gold had been held as a separate tactical position heading into the year before being fully removed towards the end of March. The position had continued to add value in the Fund, benefitting last year from a backdrop of elevated risks around geopolitics and US policy.

Manager’s Investment Report (continued)

Investment outlook The Investment Clock is in Stagflation, reflecting the high oil price and weaker business surveys amid the still uncertain US Iran conflict.

Energy prices retreated last quarter on signs of a fragile peace deal, but tensions have since risen again. Commodities remain a good hedge against a renewed flare up in geopolitical tensions and spikes in inflation.

Tactically, we maintain a moderate overweight position in equities and underweight position in government bonds.

Please see our Investment Clock blog at www.rlam.com for our latest views.

Trevor Greetham Fund Manager Royal London Asset Management Limited 30 June 2026

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 18

Page 19

Class M Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 135.33 127.06 122.38 115.71

Return before operating charges* 5.79 9.05 5.43 7.38

Operating charges (0.41) (0.78) (0.75) (0.71) Return after operating charges* 5.38 8.27 4.68 6.67

Distributions on accumulation shares (1.23) (3.27) (3.42) (2.94)

Retained distributions on accumulation shares 1.23 3.27 3.42 2.94

Closing net asset value per share 140.71 135.33 127.06 122.38

* after direct transaction costs of: 0.02 0.03 0.03 0.02

Performance Return after charges 3.98% 6.51% 3.82% 5.76% Other information Closing net asset value (£’000) 43,640 43,656 47,014 39,892 Closing number of shares 31,015,868 32,258,032 37,001,238 32,597,723 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.03% 0.02% Prices ^ Highest share price 141.10 135.90 128.40 122.90 Lowest share price 135.80 125.10 121.00 115.30

Class M Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 114.85 110.50 109.36 105.92

Return before operating charges* 4.93 7.85 4.83 6.51

Operating charges (0.35) (0.68) (0.67) (0.65) Return after operating charges* 4.58 7.17 4.16 5.86

Distributions on income shares (1.05) (2.82) (3.02) (2.42)

Closing net asset value per share 118.38 114.85 110.50 109.36

* after direct transaction costs of: 0.01 0.03 0.03 0.02

Performance Return after charges 3.99% 6.49% 3.80% 5.53% Other information Closing net asset value (£’000) 5,321 4,902 6,005 5,433 Closing number of shares 4,494,694 4,268,097 5,435,000 4,967,494 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.03% 0.02% Prices ^ Highest share price 119.80 117.10 113.60 111.90 Lowest share price 115.30 108.80 108.20 104.90

Class P Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 121.45 113.98 109.74 103.70

Return before operating charges* 5.19 8.11 4.85 6.62

Operating charges (0.34) (0.64) (0.61) (0.58) Return after operating charges* 4.85 7.47 4.24 6.04

Distributions on accumulation shares (1.13) (2.98) 0.00 (2.61)

Retained distributions on accumulation shares 1.13 2.98 0.00 2.61

Closing net asset value per share 126.30 121.45 113.98 109.74

* after direct transaction costs of: 0.01 0.03 0.03 0.02

Performance Return after charges 3.99% 6.55% 3.86% 5.82% Other information Closing net asset value (£’000) 5 5 7 201 Closing number of shares 4,202 4,202 5,887 183,001 Operating charges 0.55% 0.55% 0.55% 0.55% Direct transaction costs 0.01% 0.02% 0.03% 0.02% Prices ^ Highest share price 126.70 122.00 115.20 110.20 Lowest share price 121.90 112.20 108.50 103.40

Comparative Tables

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 19

Page 20

Comparative Tables (continued)

Class R Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 127.67 119.41 114.59 107.95

Return before operating charges* 5.41 8.41 4.99 6.80

Operating charges (0.08) (0.15) (0.17) (0.16) Return after operating charges* 5.33 8.26 4.82 6.64

Distributions on accumulation shares (1.42) (3.55) (3.63) (3.13)

Retained distributions on accumulation shares 1.42 3.55 3.63 3.13

Closing net asset value per share 133.00 127.67 119.41 114.59

* after direct transaction costs of: 0.02 0.03 0.03 0.02

Performance Return after charges 4.17% 6.92% 4.21% 6.15% Other information Closing net asset value (£’000) 25,536 25,132 22,708 23,080 Closing number of shares 19,199,638 19,685,268 19,017,805 20,141,279 Operating charges 0.12% 0.12% 0.12% # 0.15% Direct transaction costs 0.01% 0.02% 0.03% 0.02% Prices ^ Highest share price 133.40 128.20 120.60 115.10 Lowest share price 128.10 117.70 113.40 107.80

# The FMF changed from 0.15% to 0.12% on 23 September 2024.

Class S Accumulation

30/06/26 31/12/25 30/12/24** Change in net assets per share (p) (p) (p) Opening net asset value per share 106.68 99.80 100.00 Return before operating charges* 4.53 7.03 (0.16) Operating charges (0.08) (0.15) (0.04) Return after operating charges* 4.45 6.88 (0.20) Distributions on accumulation shares (1.38) (2.95) (1.50) Retained distributions on accumulation shares 1.38 2.95 1.50

Closing net asset value per share 111.13 106.68 99.80 * after direct transaction costs of: 0.01 0.02 0.03 Performance Return after charges 4.17% 6.89% (0.20)% Other information Closing net asset value (£’000) 78 15 5 Closing number of shares 69,890 14,085 5,000 Operating charges 0.15% 0.15% 0.15% Direct transaction costs 0.01% 0.02% 0.03% Prices ^ Highest share price 111.40 107.10 100.69 Lowest share price 107.10 98.33 50.07

** Class S Accumulation launched on 30 September 2024.

Class Z Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 30/12/23** per share (p) (p) (p) (p) Opening net asset value per share 115.19 107.97 103.81 100.00

Return before operating charges* 4.89 7.66 4.59 4.19

Operating charges (0.20) (0.44) (0.43) (0.38) Return after operating charges* 4.69 7.22 4.16 3.81

Distributions on accumulation shares (1.17) (2.96) (3.29) (2.64)

Retained distributions on accumulation shares 1.17 2.96 3.29 2.64

Closing net asset value per share 119.88 115.19 107.97 103.81

* after direct transaction costs of: 0.01 0.03 0.03 0.02

Performance Return after charges 4.07% 6.69% 4.02% 3.81% Other information Closing net asset value (£’000) 9,764 6,625 1,941 2 Closing number of shares 8,144,465 5,751,412 1,797,626 2,500 Operating charges 0.30% # 0.40% 0.40% 0.40% Direct transaction costs 0.01% 0.02% 0.03% 0.02% Prices ^ Highest share price 120.20 115.70 109.10 104.30 Lowest share price 115.60 106.30 102.70 97.74

** Class Z Accumulation launched on 31 January 2023. # The FMF changed from 0.40% to 0.30% on 31 March 2026. ^ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. From 3 June 2019, the Fund has received a full rebate of synthetic costs to maintain the Fund Management Fee at a fixed level. It should be noted that past performance is not a reliable indicator of future performance and that the value of shares, and the income derived from them, can vary.

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 20

Page 21

Portfolio Statement As at 30 June 2026

Bond Collective Investment Schemes – 70.73% (31/12/25 – 73.94%) 746,186 Royal London Emerging Markets Corporate Bond Fund R Acc † 954 1.13 1,706,084 Royal London Global High Yield Bond Fund R Acc † 2,245 2.66 2,997,651 Royal London Global Senior ABS Fund R Acc † 3,193 3.79 2,842,882 Royal London Global Sustainable Credit Fund R Acc † 2,956 3.50 5,226,430 Royal London Index Linked Fund R Acc † 4,305 5.10 4,104,540 Royal London International Government Bond Fund R Acc † 4,706 5.58 5,858,314 Royal London Investment Grade Short Dated Credit Fund R Acc † 7,396 8.77 4,633,863 Royal London Short Duration Gilts Fund R Acc † 5,277 6.26 3,309,569 Royal London Short Duration Global Index Linked Fund R Acc † 4,218 5.00 400,000 Royal London Short-Term Money Market Fund R Acc † 484 0.57 5,796,826 Royal London Sterling Credit Fund R Acc † 7,717 9.15 4,879,734 Royal London Sterling Liquidity Money Market Fund R Inc † 4,880 5.79 11,748,571 Royal London UK Government Bond Fund R Acc † 11,327 13.43 Total Bond Collective Investment Schemes 59,658 70.73 Equity Collective Investment Schemes – 23.08% (31/12/25 – 18.74%) 163,710 Royal London Asia Pacific ex Japan Tilt Fund R Acc † 488 0.58 1,009,835 Royal London Emerging Markets Equity Tilt Fund R Acc † 2,113 2.50 267,026 Royal London Europe ex UK Equity Tilt Fund R Acc † 601 0.71 796,496 Royal London Global Equity Diversified Fund R Acc † 2,372 2.81 1,380,767 Royal London Global Equity Enhanced Fund R Acc † 2,413 2.86 721,044 Royal London Global Equity Tilt Fund R Acc † 803 0.95 174,418 Royal London Japan Equity Tilt Fund R Acc † 326 0.39 516,461 Royal London Property Trust A Acc † 4,389 5.20 2,065,542 Royal London UK Broad Equity Tilt Fund R Acc † 3,412 4.05 907,661 Royal London US Equity Tilt Fund R Acc † 2,552 3.03 Total Equity Collective Investment Schemes 19,469 23.08

Exchange Traded Commodities – 0.00% (31/12/25 – 1.50%) Exchange Traded Funds – 4.98% (31/12/25 – 5.43%) 154,617 Invesco Bloomberg Commodity Carbon Tilted UCITS ETF 820 0.97 146,159 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 1,103 1.31 654 iShares MSCI Canada UCITS ETF 147 0.18 66,306 UBS (IRL) Fund Solutions – UCITS ETF B Acc 1,034 1.23 72,470 Wisdomtree Enhanced Commodity UCITS ETF 1,092 1.29 Total Exchange Traded Funds 4,196 4.98

Holding Investment

Mid-market value (£’000) Total net assets (%) Holding Investment

Mid-market value (£’000) Total net assets (%)

Forward Currency Contracts – 0.04% (31/12/25 – (0.03)%) Buy AUD340,521 & Sell £180,522* (3) Buy €88,119 & Sell £76,282* + – Buy £269,913 & Sell AUD512,720* 3 Buy £5,973 & Sell CAD11,210* + – Buy £147,241 & Sell CHF156,568* 1 Buy £223,690 & Sell €257,896* 1 Buy £229,373 & Sell NOK2,934,091* 6 0.01 Buy £212,447 & Sell SEK2,674,616* 4 Buy JPY26,402,499 & Sell £123,011* + – Buy SEK1,333,044 & Sell £105,480* (2) Buy SGD242,516 & Sell £141,287* + – – Buy $2,699,994 & Sell £2,012,977* 21 0.03 Total Forward Currency Contracts 31 0.04 Futures – 0.03% (31/12/25 – 0.05%) (73) CBT Bloomberg Commodity Index September 2026 17 0.02 (7) CBT US 10 Year Note (CBT) September 2026 (2) (3) CME S&P500 E-Mini Consumer Services September 2026 (2) 47 CME S&P500 E-Mini Future September 2026 9 0.01 (1) CME XAB Materials September 2026 1 (4) CME XAE Consumer Energy September 2026 8 0.01 1 CME XAF Financial September 2026 + – 2 CME XAK Technology September 2026 (3) (0.01) 1 CME XAP Consumer Staples September 2026 (1) 7 CME XAU Utilities September 2026 (11) (0.01) 2 CME XAV Health Care September 2026 9 0.01 (3) CME XAY Consumer Discretionary Future September 2026 (7) (0.01) (5) EUX Euro-Bund Future September 2026 (6) (0.01) 19 EUX Euro Stoxx 50 Future September 2026 15 0.02 (14) HKG Hang Seng Index Future July 2026 7 0.01 (2) ICF FTSE 100 Index Future September 2026 (2) (7) ICF Long Gilt Future September 2026 (9) (0.01) 19 NYF MSCI Emerging Market September 2026 (25) (0.03) 36 OSE Mini Topix Index Future September 2026 5 20 OSE Nikkei 225 Mini September 2026 18 0.02 (6) SFE SPI 200 Future September 2026 8 0.01 Total Futures 29 0.03

Total value of investments ^ 83,383 98.86 Net other assets 961 1.14 Total net assets 84,344 100.00 † Related Party * Unlisted + Value less than £1,000 ^ Including investment liabilities All investments, except collective investment schemes and forward currency contracts, are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCA rules unless otherwise stated.

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 21

Page 22

Summary of Material Portfolio Changes For the six month period ended 30 June 2026

Significant Purchases

Cost £’000 Royal London International Government Bond Fund R Acc 2,261 Royal London US Equity Tilt Fund R Acc 2,132 Invesco Physical Gold ETC 1,789 Wisdomtree Enhanced C ETF 1,139 Royal London Global Senior ABS Fund R Acc 1,119 Royal London UK Government Bond Fund R Acc 912 iShares Physical Gold ETC 896 Royal London Emerging Markets Equity Tilt Fund R Acc 747 Royal London Global Equity Diversified Fund R Acc 373 Royal London Global Equity Enhanced Fund R Acc 365 Subtotal 11,733 Total cost of purchases, including the above, for the period 14,244

Significant Sales

Proceeds £’000 Royal London Short-Term Money Market Fund R Acc 3,141 Invesco Physical Gold ETC 2,465 Royal London Global High Yield Bond Fund R Acc 2,218 Royal London Short Duration Gilts Fund R Acc 2,189 iShares Physical Gold ETC 1,602 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 1,566 Royal London Investment Grade Short Dated Credit Fund R Acc 1,151 Royal London Emerging Markets Equity Tilt Fund R Acc 396 Royal London UK Government Bond Fund R Acc 392 Royal London UK Broad Equity Tilt Fund R Acc 306 Subtotal 15,426 Total proceeds from sales, including the above, for the period 16,658

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Page 23

Financial Statements

Statement of Total Return For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Income Net capital gains 2,468 423 Revenue 1,157 1,183 Expenses (179) (173) Net revenue before taxation 978 1,010

Taxation (186) (195) Net revenue after taxation 792 815

Total return before distributions 3,260 1,238

Distributions (797) (790) Change in net assets attributable to shareholders from investment activities

2,463 448

Statement of Change in Net Assets Attributable to Shareholders For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders

80,335 77,680

Issue of shares 7,238 9,157 Cancellation of shares (6,448) (9,509) 790 (352) Dilution adjustment 6 11 Change in net assets attributable to shareholders from investment activities

2,463 448

Retained distributions on accumulation shares 750 752

Closing net assets attributable to shareholders

84,344 78,539

Balance Sheet As at 30 June 2026

30 Jun 2026 31 Dec 2025 £’000 £’000 Assets Investments 83,456 80,107 Amounts receivable 263 33 Cash and cash equivalents 1,608 1,302

Total assets 85,327 81,442 Liabilities Investments 73 68 Bank overdrafts 452 326 Distribution payable 47 75 Other amounts payable 411 638 Total liabilities 983 1,107 Net assets attributable to shareholders

84,344 80,335

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 23

Page 24

Notes to the Financial Statements For the six month period ended 30 June 2026

At the six months period end the balance due to Royal London Unit Trust Managers Limited in respect of these transactions was £114,000 (31/12/25: (£81,000)).

Amounts due from Royal London Unit Trust Managers Limited in respect of periodic charge rebates at the period end amounted to £15,000 (31/12/25: £18,000).

At the six months period end, 30 June 2026, 30.35% (31/12/25: 31.76%) of the shares in issue were held by The Royal London Mutual Insurance Society Limited. Royal London Unit Trust Managers Limited is a wholly owned subsidiary of The Royal London Mutual Insurance Society Limited.

The fair value of investments has been determined using the following hierarchy:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

As at the period ended 30 June 2026

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 79,127 – 79,127

Exchange Traded Funds and Commodities

4,196 – – 4,196

Derivatives 97 36 – 133 Total 4,293 79,163 – 83,456 Investment liabilities Derivatives (68) (5) – (73) Total (68) (5) – (73)

As at the year ended 31 December 2025

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 74,449 – 74,449

Exchange Traded Funds and Commodities

5,570 – – 5,570

Derivatives 86 2 – 88 Total 5,656 74,451 – 80,107 Investment liabilities Derivatives (42) (26) – (68) Total (42) (26) – (68)

Royal London GMAP Defensive Fund | Royal London Multi-Asset Funds ICVC 24

Page 25

Manager’s Investment Report

Cumulative Performance

(% change to 30/06/26)

6 month total return %

1 year total return %

3 year total return %

5 year total return % Royal London GMAP Balanced Fund, Class M Accumulation

5.41 12.51 27.50 27.80

Royal London GMAP Balanced Fund, Class M Income

5.19 12.25 27.20 27.26

Royal London GMAP Balanced Fund, Class P Accumulation

5.41 12.61 27.69 28.04

Royal London GMAP Balanced Fund, Class R Accumulation

5.63 12.94 28.95 30.18

Royal London GMAP Balanced Fund, Class S Accumulation

5.54 12.90 28.86 –

Royal London GMAP Balanced Fund, Class Z Accumulation

5.54 12.71 28.20 –

IA Mixed Investment 20-60% Shares Total Return (TR)* 5.24 12.27 30.03 22.12

* Benchmark Class Z Accumulation launched on 31 January 2023 and Class S Accumulation launched on 3 May 2023. Past performance is not necessarily a reliable indicator of future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.

Performance overview The Fund outperformed the benchmark during the period under review.

Royal London GMAP Balanced Fund

Royal London GMAP Balanced Fund | Royal London Multi-Asset Funds ICVC 25

Page 26

Manager’s Investment Report (continued)

Investment outlook The Investment Clock is in Stagflation, reflecting the high oil price and weaker business surveys amid the still uncertain US Iran conflict.

Tactically, we maintain a moderate overweight position in equities and underweight position in government bonds.

Please see our Investment Clock blog at www.rlam.com for our latest views.

Trevor Greetham Fund Manager Royal London Asset Management Limited 30 June 2026

Royal London GMAP Balanced Fund | Royal London Multi-Asset Funds ICVC 26

Page 27

Class M Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 156.28 145.34 136.47 127.53

Return before operating charges* 9.42 11.84 9.72 9.72

Operating charges (0.48) (0.90) (0.85) (0.78) Return after operating charges* 8.94 10.94 8.87 8.94

Distributions on accumulation shares (1.21) (3.24) (3.46) (2.84)

Retained distributions on accumulation shares 1.21 3.24 3.46 2.84

Closing net asset value per share 165.22 156.28 145.34 136.47

* after direct transaction costs of: 0.02 0.04 0.05 0.04

Performance Return after charges 5.72% 7.53% 6.50% 7.01% Other information Closing net asset value (£’000) 190,178 193,059 197,634 159,732 Closing number of shares 115,102,714 123,537,484 135,980,957 117,041,778 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 166.00 157.00 147.10 137.00 Lowest share price 157.00 139.40 134.70 127.40

Class M Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 134.26 127.55 122.68 117.08

Return before operating charges* 8.12 10.32 8.73 8.92

Operating charges (0.41) (0.78) (0.76) (0.72) Return after operating charges* 7.71 9.54 7.97 8.20

Distributions on income shares (1.04) (2.83) (3.10) (2.60)

Closing net asset value per share 140.93 134.26 127.55 122.68

* after direct transaction costs of: 0.02 0.04 0.05 0.04

Performance Return after charges 5.74% 7.48% 6.50% 7.00% Other information Closing net asset value (£’000) 8,427 9,336 8,679 6,426 Closing number of shares 5,979,763 6,953,640 6,804,713 5,238,261 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 142.60 136.70 131.20 125.00 Lowest share price 134.90 122.30 121.10 117.00

Class P Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 132.35 123.04 115.50 107.88

Return before operating charges* 7.97 10.00 8.20 8.23

Operating charges (0.37) (0.69) (0.66) (0.61) Return after operating charges* 7.60 9.31 7.54 7.62

Distributions on accumulation shares (1.05) (2.79) (0.85) (2.45)

Retained distributions on accumulation shares 1.05 2.79 0.85 2.45

Closing net asset value per share 139.95 132.35 123.04 115.50

* after direct transaction costs of: 0.02 0.03 0.04 0.04

Performance Return after charges 5.74% 7.57% 6.53% 7.06% Other information Closing net asset value (£’000) 252 246 402 4,715 Closing number of shares 180,185 186,118 326,691 4,082,376 Operating charges 0.55% 0.55% 0.55% 0.55% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 140.60 133.00 124.50 115.90 Lowest share price 132.90 118.00 114.00 107.80

Comparative Tables

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Comparative Tables (continued)

Class S Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per share (p) (p) (p) (p) Opening net asset value per share 122.11 113.16 105.87 100.00

Return before operating charges* 7.29 9.12 7.46 5.97

Operating charges (0.09) (0.17) (0.17) (0.10) Return after operating charges* 7.20 8.95 7.29 5.87

Distributions on accumulation shares (1.17) (2.95) (3.09) (1.72)

Retained distributions on accumulation shares 1.17 2.95 3.09 1.72

Closing net asset value per share 129.31 122.11 113.16 105.87

* after direct transaction costs of: 0.02 0.03 0.04 0.03

Performance Return after charges 5.90% 7.91% 6.89% 5.87% Other information Closing net asset value (£’000) 29,713 7,830 7,246 4,918 Closing number of shares 22,977,443 6,411,958 6,403,949 4,644,963 Operating charges 0.15% 0.15% 0.15% 0.15% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 129.90 122.70 113.20 106.30 Lowest share price 122.70 108.60 104.50 99.48

** Class S Accumulation launched on 3 May 2023.

Class R Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 141.43 131.03 122.59 114.13

Return before operating charges* 8.47 10.56 8.62 8.64

Operating charges (0.09) (0.16) (0.18) (0.18) Return after operating charges* 8.38 10.40 8.44 8.46

Distributions on accumulation shares (1.37) (3.44) (3.58) (2.97)

Retained distributions on accumulation shares 1.37 3.44 3.58 2.97

Closing net asset value per share 149.81 141.43 131.03 122.59

* after direct transaction costs of: 0.02 0.04 0.05 0.04

Performance Return after charges 5.93% 7.94% 6.88% 7.41% Other information Closing net asset value (£’000) 518,491 470,091 389,328 331,083 Closing number of shares 346,109,391 332,381,423 297,129,301 270,074,286 Operating charges 0.12% 0.12% 0.12% # 0.15% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 150.50 142.10 132.60 123.10 Lowest share price 142.10 125.80 121.00 114.10

# The FMF changed from 0.15% to 0.12% on 23 September 2024.

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Class Z Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per share (p) (p) (p) (p) Opening net asset value per share 120.43 111.83 104.82 100.00

Return before operating charges* 7.22 9.06 7.45 5.20

Operating charges (0.21) (0.46) (0.44) (0.38) Return after operating charges* 7.01 8.60 7.01 4.82

Distributions on accumulation shares (1.05) (2.68) (3.07) (2.30)

Retained distributions on accumulation shares 1.05 2.68 3.07 2.30

Closing net asset value per share 127.44 120.43 111.83 104.82

* after direct transaction costs of: 0.02 0.03 0.04 0.03

Performance Return after charges 5.82% 7.69% 6.69% 4.82% Other information Closing net asset value (£’000) 56,200 50,973 28,196 3 Closing number of shares 44,099,868 42,323,935 25,213,999 2,500 Operating charges 0.30% # 0.40% 0.40% 0.40% Direct transaction costs 0.01% 0.03% 0.04% 0.03% Prices ^ Highest share price 128.00 121.00 114.50 105.20 Lowest share price 121.00 107.30 103.50 97.76

Comparative Tables (continued)

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Portfolio Statement As at 30 June 2026

Bond Collective Investment Schemes – 59.96% (31/12/25 – 59.81%) 9,403,760 Royal London Emerging Markets Corporate Bond Fund R Acc † 12,021 1.50 21,364,610 Royal London Global High Yield Bond Fund R Acc † 28,116 3.50 22,566,549 Royal London Global Senior ABS Fund R Acc † 24,038 2.99 19,441,633 Royal London Global Sustainable Credit Fund R Acc † 20,217 2.52 49,340,090 Royal London Index Linked Fund R Acc † 40,303 5.02 31,590,201 Royal London International Government Bond Fund R Acc † 36,130 4.50 44,914,600 Royal London Investment Grade Short Dated Credit Fund R Acc † 56,664 7.05 35,324,994 Royal London Short Duration Gilts Fund R Acc † 40,182 5.00 23,642,661 Royal London Short Duration Global Index Linked Fund R Acc † 30,064 3.74 1,570,780 Royal London Short-Term Money Market Fund R Acc † 1,902 0.24 38,070,203 Royal London Sterling Credit Fund R Acc † 50,595 6.30 66,446,659 Royal London Sterling Liquidity Money Market Fund R Inc † 66,447 8.27 78,061,222 Royal London UK Government Bond Fund R Acc † 74,961 9.33 Total Bond Collective Investment Schemes 481,640 59.96 Equity Collective Investment Schemes – 33.42% (31/12/25 – 31.88%) 2,710,066 Royal London Asia Pacific ex Japan Tilt Fund R Acc † 8,117 1.01 14,835,908 Royal London Emerging Markets Equity Tilt Fund R Acc † 30,848 3.84 4,273,659 Royal London Europe ex UK Equity Tilt Fund R Acc † 9,644 1.20 12,009,855 Royal London Global Equity Diversified Fund R Acc † 35,831 4.46 20,871,385 Royal London Global Equity Enhanced Fund R Acc † 36,473 4.54 11,000,000 Royal London Global Equity Tilt Fund R Acc † 12,287 1.53 2,661,496 Royal London Japan Equity Tilt Fund R Acc † 4,941 0.62 6,810,823 Royal London Property Trust A Acc † 60,016 7.47 31,330,647 Royal London UK Broad Equity Tilt Fund R Acc † 51,028 6.36 6,809,647 Royal London US Equity Tilt Fund R Acc † 19,219 2.39 Total Equity Collective Investment Schemes 268,404 33.42

Exchange Traded Commodities – 0.00% (31/12/25 – 2.00%) Exchange Traded Funds – 5.10% (31/12/25 – 5.42%) 1,465,606 Invesco Bloomberg Commodity Carbon Tilted UCITS ETF 7,777 0.97 1,385,765 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 10,459 1.30 11,048 iShares MSCI Canada UCITS ETF 2,488 0.31 625,554 UBS (IRL) Fund Solutions – UCITS ETF B Acc 9,879 1.23 686,936 Wisdomtree Enhanced C ETF 10,355 1.29 Total Exchange Traded Funds 40,958 5.10

Holding Investment

Mid-market value (£’000) Total net assets (%) Holding Investment

Mid-market value (£’000) Total net assets (%)

Forward Currency Contracts – 0.08% (31/12/25 – (0.06)%) Buy AUD4,792,677 & Sell £2,540,765* (40) Buy €998,751 & Sell £864,590* (4) Buy £8,362 & Sell CAD15,692* + – Buy £2,084,143 & Sell CHF2,216,155* 10 Buy £611,217 & Sell $808,763* 2 Buy £4,269,208 & Sell AUD8,109,700* 38 Buy £2,999,182 & Sell SEK37,758,506* 57 0.01 Buy £3,241,221 & Sell NOK41,461,059* 85 0.01 Buy £3,239,345 & Sell €3,734,690* 20 – Buy $62,903,222 & Sell £46,880,656* 513 0.06 Buy JPY444,840,246 & Sell £2,072,538* (7) Buy SEK18,702,264 & Sell £1,479,856* (22) Buy SGD3,457,986 & Sell £2,014,587* 2 Total Forward Currency Contracts 654 0.08 Futures – 0.07% (31/12/25 – 0.05%) (671) CBT Bcom Commodity Index Future September 2026 163 0.02 (64) CBT US 10Year Note Future September 2026 (19) (46) CME S&P500 E-Mini Consumer Services September 2026 (34) 141 CME S&P500 E-Mini Future September 2026 251 0.03 (12) CME XAB Materials Future September 2026 6 (56) CME XAE Energy Future September 2026 101 0.01 12 CME XAF Financial Future September 2026 4 22 CME XAK Technology Future September 2026 (37) 15 CME XAP Consumer Staples Futures September 2026 (17) 96 CME XAU Utilities Future September 2026 (146) (0.02) 35 CME XAV Health Care September 2026 153 0.02 (50) CME XAY Consumer Discretionary Future September 2026 (136) (0.02) 224 EUX Euro Stoxx 50 Future September 2026 184 0.02 (48) EUX Euro-Bond Future September 2026 (57) (0.01) (47) HKG Hang Seng Index Future Spetember 2026 112 0.02 (51) ICF FTSE 100 Index Future September 2026 (41) (0.01) (59) ICF Long Gilt Future September 2026 (68) (0.01) 250 NYF MSCI Emerging Market Future September 2026 (319) (0.04) 250 OSE Nikkei 225 MINI September 2026 238 0.03 45 OSE Topix Index Future September 2026 74 0.01 (107) SFE SPI 200 Future September 2026 160 0.02 Total Futures 572 0.07

Total value of investments ^ 792,228 98.63 Net other assets 11,033 1.37 Total net assets 803,261 100.00 † Related Party * Unlisted + Value below £1,000 ^ Including investment liabilities All investments, except collective investment schemes and forward currency contracts, are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCA rules unless otherwise stated.

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Summary of Material Portfolio Changes For the six month period ended 30 June 2026

Significant Purchases

Cost £’000 Invesco Physical Gold ETC 21,626 Royal London International Government Bond Fund R Acc 21,374 Royal London US Equity Tilt Fund R Acc 14,358 iShares Physical Gold ETC 10,836 Wisdomtree Enhanced C ETF 10,786 Royal London Global Senior ABS Fund R Acc 9,204 Royal London Emerging Markets Equity Tilt Fund R Acc 8,246 Royal London UK Government Bond Fund R Acc 8,159 Royal London Investment Grade Short Dated Credit Fund R Acc 5,175 Royal London Emerging Markets Corporate Bond Fund R Acc 4,755 Subtotal 114,519 Total cost of purchases, including the above, for the period 144,244

Significant Sales

Proceeds £’000 Invesco Physical Gold ETC 29,816 Royal London Global High Yield Bond Fund R Acc 20,769 iShares Physical Gold ETC 19,398 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 13,987 Royal London UK Broad Equity Tilt Fund R Acc 9,731 Royal London Investment Grade Short Dated Credit Fund R Acc 8,637 Royal London Emerging Markets Equity Tilt Fund R Acc 6,675 Invesco Bloomberg Commodity Carbon Tilted UCITS ETF 2,381 Royal London Global Equity Diversified Fund R Acc 2,311 Royal London Global Equity Enhanced Fund R Acc 1,891 Subtotal 115,596 Total proceeds from sales, including the above, for the period 121,856

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Financial Statements

Statement of Total Return For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Income Net capital gains 36,280 1,856 Revenue 9,172 8,761 Expenses (1,011) (926) Interest payable and similar expenses (1) –

Net revenue before taxation 8,160 7,835

Taxation (1,454) (1,378) Net revenue after taxation 6,706 6,457

Total return before distributions 42,986 8,313

Distributions (6,731) (6,245) Change in net assets attributable to shareholders from investment activities

36,255 2,068

Statement of Change in Net Assets Attributable to Shareholders For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders

731,535 631,485

Issue of shares 78,539 65,773 Cancellation of shares (50,095) (36,253) 28,444 29,520 Dilution adjustment 166 90 Stamp duty reserve tax – (4) Change in net assets attributable to shareholders from investment activities

36,255 2,068

Retained distributions on accumulation shares 6,861 6,405

Closing net assets attributable to shareholders

803,261 669,564

Balance Sheet As at 30 June 2026

30 Jun 2026 31 Dec 2025 £’000 £’000 Assets Investments 793,175 726,025 Amounts receivable 1,549 1,408 Cash and cash equivalents 17,206 15,185

Total assets 811,930 742,618 Liabilities Investments 947 1,083 Bank overdrafts 5,583 4,168 Distribution payable 62 121 Other amounts payable 2,077 5,711 Total liabilities 8,669 11,083 Net assets attributable to shareholders

803,261 731,535

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Notes to the Financial Statements For the six month period ended 30 June 2026

At the six months period end the balance due from Royal London Unit Trust Managers Limited in respect of these transactions was £427,000 (31/12/25: £917,000).

Amounts due from Royal London Unit Trust Managers Limited in respect of periodic charge rebates at the period end amounted to £150,000 (31/12/25: £162,000).

At the six months period end, 30 June 2026, 64.62% (31/12/25: 64.80%) of the shares in issue were held by The Royal London Mutual Insurance Society Limited. Royal London Unit Trust Managers Limited is a wholly owned subsidiary of The Royal London Mutual Insurance Society Limited.

The fair value of investments has been determined using the following hierarchy:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

As at the period ended 30 June 2026

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 750,044 – 750,044

Exchange Traded Funds and Commodities

40,958 – – 40,958

Derivatives 1,446 727 – 2,173 Total 42,404 750,771 – 793,175 Investment liabilities Derivatives (874) (73) – (947) Total (874) (73) – (947)

As at the year ended 31 December 2025

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Collective investment schemes – 670,749 – 670,749

Exchange Traded Funds and Commodities

54,260 – – 54,260

Derivatives 993 22 – 1,015 Total 55,253 670,771 – 726,024 Investment liabilities Derivatives (641) (441) – (1,082) Total (641) (441) – (1,082)

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Manager’s Investment Report

Cumulative Performance

(% change to 30/06/26)

6 month total return %

1 year total return %

3 year total return %

5 year total return % Royal London GMAP Growth Fund, Class M Accumulation

7.99 18.05 38.32 42.24

Royal London GMAP Growth Fund, Class M Income

7.73 17.88 38.04 41.59

Royal London GMAP Growth Fund, Class P Accumulation

8.02 18.13 38.59 42.50

Royal London GMAP Growth Fund, Class R Accumulation

8.19 18.48 39.89 44.85

Royal London GMAP Growth Fund, Class S Accumulation

8.18 18.53 – –

Royal London GMAP Growth Fund, Class Z Accumulation

8.11 18.26 39.07 –

IA Mixed Investment 40-85% Shares Total Return (TR)* 7.21 16.61 37.51 31.90

* Benchmark Class Z Accumulation launched on 31 January 2023 and Class S Accumulation launched on 12 October 2023. Past performance is not necessarily a reliable indicator of future performance. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.

Performance overview The Fund outperformed the benchmark during the period under review.

Market overview Geopolitical tensions in the Middle East were a key driver of markets over the period, which saw commodities rise materially over the start of the year. Despite this, global equity markets performed well over the period, with euphoria around Artificial Intelligence (AI) once again boosting investor sentiment. Semiconductor companies, which are at the heart of the AI infrastructure buildout, were beneficiaries, rising sharply. Bond yields ended the period higher, as rising inflation risk saw markets moved to price in interest rate hikes from global central banks.

Royal London GMAP Growth Fund

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Manager’s Investment Report (continued)

Investment outlook The Investment Clock is in Stagflation, reflecting the high oil price and weaker business surveys amid the still uncertain US Iran conflict.

Tactically, we maintain a moderate overweight position in equities and underweight position in government bonds.

Please see our Investment Clock blog at www.rlam.com for our latest views.

Trevor Greetham Fund Manager Royal London Asset Management Limited 30 June 2026

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Class M Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 189.26 171.89 156.07 143.53

Return before operating charges* 16.86 18.44 16.82 13.43

Operating charges (0.59) (1.07) (1.00) (0.89) Return after operating charges* 16.27 17.37 15.82 12.54

Distributions on accumulation shares (1.10) (3.06) (3.62) (3.30)

Retained distributions on accumulation shares 1.10 3.06 3.62 3.30

Closing net asset value per share 205.53 189.26 171.89 156.07

* after direct transaction costs of: 0.02 0.04 0.06 0.05

Performance Return after charges 8.60% 10.11% 10.14% 8.74% Other information Closing net asset value (£’000) 322,738 300,967 268,066 194,302 Closing number of shares 157,029,768 159,024,130 155,949,303 124,493,892 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 206.70 190.70 174.70 156.60 Lowest share price 189.40 159.10 153.40 143.10

Class M Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 160.95 148.63 137.86 129.50

Return before operating charges* 14.35 15.88 14.83 12.08

Operating charges (0.50) (0.92) (0.88) (0.80) Return after operating charges* 13.85 14.96 13.95 11.28

Distributions on income shares (0.93) (2.64) (3.18) (2.92)

Closing net asset value per share 173.87 160.95 148.63 137.86

* after direct transaction costs of: 0.02 0.03 0.05 0.04

Performance Return after charges 8.61% 10.06% 10.12% 8.71% Other information Closing net asset value (£’000) 19,023 17,593 13,180 10,338 Closing number of shares 10,940,964 10,930,975 8,867,870 7,499,448 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 175.80 164.00 153.30 140.50 Lowest share price 161.10 137.60 135.50 129.10

Class P Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 148.84 135.10 122.62 112.73

Return before operating charges* 13.25 14.50 13.18 10.53

Operating charges (0.42) (0.76) (0.70) (0.64) Return after operating charges* 12.83 13.74 12.48 9.89

Distributions on accumulation shares (0.90) (2.46) (0.98) (2.62)

Retained distributions on accumulation shares 0.90 2.46 0.98 2.62

Closing net asset value per share 161.67 148.84 135.10 122.62

* after direct transaction costs of: 0.02 0.03 0.05 0.04

Performance Return after charges 8.62% 10.17% 10.18% 8.77% Other information Closing net asset value (£’000) 195 184 590 7,244 Closing number of shares 120,953 123,515 436,358 5,907,337 Operating charges 0.55% 0.55% 0.55% 0.55% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 162.60 150.00 137.30 123.10 Lowest share price 149.00 125.10 120.50 112.40

Comparative Tables

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Class R Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 161.60 146.22 132.28 121.22

Return before operating charges* 14.32 15.56 14.14 11.25

Operating charges (0.10) (0.18) (0.20) (0.19) Return after operating charges* 14.22 15.38 13.94 11.06

Distributions on accumulation shares (1.26) (3.19) (3.59) (3.21)

Retained distributions on accumulation shares 1.26 3.19 3.59 3.21

Closing net asset value per share 175.82 161.60 146.22 132.28

* after direct transaction costs of: 0.02 0.03 0.05 0.04

Performance Return after charges 8.80% 10.52% 10.54% 9.12% Other information Closing net asset value (£’000) 910,539 869,675 498,582 490,178 Closing number of shares 517,871,883 538,170,297 340,977,489 370,568,048 Operating charges 0.12% 0.12% 0.12% # 0.15% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 176.80 162.80 148.60 132.80 Lowest share price 161.90 135.50 130.10 120.90

# The FMF changed from 0.15% to 0.12% on 23 September 2024.

Class S Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per share (p) (p) (p) (p) Opening net asset value per share 126.40 114.39 103.50 100.00

Return before operating charges* 11.24 12.19 11.06 3.53

Operating charges (0.10) (0.18) (0.17) (0.03) Return after operating charges* 11.14 12.01 10.89 3.50

Distributions on accumulation shares (0.96) (2.47) (2.81) (0.66)

Retained distributions on accumulation shares 0.96 2.47 2.81 0.66

Closing net asset value per share 137.54 126.40 114.39 103.50

* after direct transaction costs of: 0.01 0.02 0.04 0.03

Performance Return after charges 8.81% 10.50% 10.52% 3.50% Other information Closing net asset value (£’000) 25,238 2,944 2,560 1,039 Closing number of shares 18,349,312 2,328,998 2,238,220 1,003,805 Operating charges 0.15% 0.15% 0.15% 0.15% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 138.30 127.30 116.20 103.90 Lowest share price 126.60 106.00 101.80 97.33

** Class S Accumulation launched on 12 October 2023.

Comparative Tables (continued)

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Comparative Tables (continued)

Class Z Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per share (p) (p) (p) (p) Opening net asset value per share 128.76 116.76 105.84 100.00

Return before operating charges* 11.42 12.48 11.38 6.23

Operating charges (0.23) (0.48) (0.46) (0.39) Return after operating charges* 11.19 12.00 10.92 5.84

Distributions on accumulation shares (0.87) (2.28) (2.83) (2.33)

Retained distributions on accumulation shares 0.87 2.28 2.83 2.33

Closing net asset value per share 139.95 128.76 116.76 105.84

* after direct transaction costs of: 0.01 0.03 0.04 0.03

Performance Return after charges 8.69% 10.28% 10.32% 5.84% Other information Closing net asset value (£’000) 179,038 142,620 67,228 34 Closing number of shares 127,931,151 110,763,575 57,578,183 32,114 Operating charges 0.30% # 0.40% 0.40% 0.40% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 140.70 129.70 118.60 106.20 Lowest share price 128.90 108.10 104.10 96.92

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Page 39

Portfolio Statement As at 30 June 2026

Bond Collective Investment Schemes – 32.59% (31/12/25 – 35.89%) 12,842,420 Royal London Emerging Markets Corporate Bond Fund R Acc † 16,416 1.13 29,364,671 Royal London Global High Yield Bond Fund R Acc † 38,644 2.65 10,319,473 Royal London Global Senior ABS Fund R Acc † 10,992 0.76 24,480,714 Royal London Global Sustainable Credit Fund R Acc † 25,458 1.75 88,291,167 Royal London Index Linked Fund R Acc † 72,722 4.99 38,539,342 Royal London International Government Bond Fund R Acc † 44,189 3.03 20,426,598 Royal London Investment Grade Short Dated Credit Fund R Acc † 25,789 1.77 36,002,857 Royal London Sterling Credit Fund R Acc † 47,931 3.29 90,502,484 Royal London Sterling Liquidity Money Market Fund R Inc † 90,502 6.21 105,914,379 Royal London UK Government Bond Fund R Acc † 102,115 7.01 Total Bond Collective Investment Schemes 474,758 32.59 Equity Collective Investment Schemes – 60.11% (31/12/25 – 55.93%) 8,423,517 Royal London Asia Pacific ex Japan Tilt Fund R Acc † 25,133 1.73 49,271,240 Royal London Emerging Markets Equity Tilt Fund R Acc † 103,095 7.08 14,296,758 Royal London Europe ex UK Equity Tilt Fund R Acc † 32,178 2.21 40,517,051 Royal London Global Equity Diversified Fund R Acc † 120,684 8.28 68,505,181 Royal London Global Equity Enhanced Fund R Acc † 119,713 8.22 36,503,194 Royal London Global Equity Tilt Fund R Acc † 40,661 2.79 8,857,939 Royal London Japan Equity Tilt Fund R Acc † 16,536 1.13 3,447,111 Royal London Property Fund Income † 10,324 0.71 13,281,839 Royal London Property Trust A Acc † 117,038 8.03 103,242,066 Royal London UK Broad Equity Tilt Fund R Acc † 170,546 11.71 42,607,650 Royal London US Equity Tilt Fund R Acc † 119,774 8.22 Total Equity Collective Investment Schemes 875,682 60.11

Exchange Traded Commodities – 0.00% (31/12/25 – 1.00%) Exchange Traded Funds – 5.38% (31/12/25 – 5.66%) 2,668,920 Invesco Bloomberg Commodity Carbon Tilted UCITS ETF 14,162 0.97 2,521,651 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 19,031 1.31 36,976 iShares MSCI Canada UCITS ETF 8,328 0.57 1,142,248 UBS (IRL) Fund Solutions – UCITS ETF B Acc 18,038 1.24 1,250,935 Wisdomtree Enhanced Commodity UCITS ETF 18,857 1.29 Total Exchange Traded Funds 78,416 5.38 Forward Currency Contracts – 0.07% (31/12/25 – (0.07%)) Buy AUD8,635,663 & Sell £4,578,065* (72) – Buy €1,597,425 & Sell £1,382,844* (6) Buy $85,630,202 & Sell £63,818,671* 699 0.05 Buy JPY803,259,272 & Sell £3,742,434* (13) Buy £5,905 & Sell CAD11,082* – – Buy £3,774,199 & Sell CHF4,013,262* 19 Buy £394,953 & Sell $522,603* 1 – Buy £5,445,042 & Sell SEK68,550,903* 103 0.01 Buy £8,485,909 & Sell AUD16,119,658* 74 – Buy £5,883,784 & Sell NOK75,264,211* 155 0.01 Buy £6,025,209 & Sell €6,946,556* 37 – Buy SEK33,722,582 & Sell £2,668,370* (41) Buy SGD6,096,524 & Sell £3,551,772* 4 Total Forward Currency Contracts 960 0.07

Holding Investment

Mid-market value (£’000) Total net assets (%) Holding Investment

Mid-market value (£’000) Total net assets (%)

Futures – 0.07% (31/12/25 – 0.05%) (1,223) CBT BCOM Commodity Index September 2026 297 0.02 (119) CBT US 10year Note Future September 2026 (37) (83) CME S&P E-Mini Consumer Services September 2026 (61) 227 CME S&P500 E-Mini Index Future September 2026 412 0.03 (21) CME XAB Material September 2026 10 (102) CME XAE Consumer Energy September 2026 186 0.01 21 CME XAF Financial Future September 2026 7 40 CME XAK Technology Future September 2026 (68) 27 CME XAP Consumer Staples Future September 2026 (30) 173 CME XAU Utilities Future September 2026 (262) (0.02) 64 CME XAV Health Care September 2026 280 0.02 (90) CME XAY Consumer Discretionary Future September 2026 (245) (0.02) (87) EUX Euro Bund Future September 2026 (102) (0.01) (85) HKG Hang Seng Index Future July 2026 202 0.01 (92) ICF FTSE 100 Index Future September 2026 (72) (0.01) (106) ICF Long Gilt Future September 2026 (120) (0.01) 364 EUX Euro Stoxx 50 September 2026 310 0.02 457 NYF MSCI Emerging Market Future September 2026 (551) (0.04) 452 OSE NIKKEI 225 September 2026 514 0.04 82 OSE TOPIX Index Future September 2026 122 0.01 (193) SFE SPI 200 Future September 2026 283 0.02 Total Futures 1,075 0.07

Total value of investments ^ 1,430,891 98.22 Net other assets 25,880 1.78 Total net assets 1,456,771 100.00 † Related Party * Unlisted, nil value ^ Including investment liabilities All investments, except collective investment schemes and forward currency contracts, are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCA rules unless otherwise stated.

Royal London GMAP Growth Fund | Royal London Multi-Asset Funds ICVC 39

Page 40

Summary of Material Portfolio Changes For the six month period ended 30 June 2026

Significant Purchases

Cost £’000 Royal London US Equity Tilt Fund R Acc 65,136 Royal London Emerging Markets Equity Tilt Fund R Acc 26,851 Royal London UK Government Bond Fund R Acc 26,322 Royal London International Government Bond Fund R Acc 20,455 Invesco Physical Gold ETC 19,898 Wisdomtree Enhanced C ETF 19,643 Royal London UK Broad Equity Tilt Fund R Acc 18,448 iShares Physical Gold ETC 9,987 Royal London Global Equity Diversified Fund R Acc 7,028 Royal London Emerging Markets Corporate Bond Fund R Acc 6,636 Subtotal 220,404 Total cost of purchases, including the above, for the period 253,680

Significant Sales

Proceeds £’000 Royal London UK Broad Equity Tilt Fund R Acc 37,227 Invesco Physical Gold ETC 27,357 Royal London Global High Yield Bond Fund R Acc 25,699 iShares Bloomberg Roll Select Commodity Swap UCITS ETF 25,317 Royal London Emerging Markets Equity Tilt Fund R Acc 21,897 iShares Physical Gold ETC 17,784 Royal London Global Equity Enhanced Fund R Acc 8,146 Royal London Global Equity Diversified Fund R Acc 8,093 Royal London US Equity Tilt Fund R Acc 6,447 Invesco Bloomberg Commodity Carbon Tilted UCITS ETF 4,233 Subtotal 182,200 Total proceeds from sales, including the above, for the period 194,398

Royal London GMAP Growth Fund | Royal London Multi-Asset Funds ICVC 40

Page 41

Financial Statements

Statement of Total Return For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Income Net capital gains 107,745 18,371 Revenue 13,025 9,862 Expenses (1,803) (1,389) Net revenue before taxation 11,222 8,473

Taxation (1,596) (1,242) Net revenue after taxation 9,626 7,231

Total return before distributions 117,371 25,602

Distributions (9,650) (6,924) Change in net assets attributable to shareholders from investment activities

107,721 18,678

Statement of Change in Net Assets Attributable to Shareholders For the six month period ended 30 June 2026

30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders

1,333,983 850,203

Issue of units 62,100 377,130 Cancellation of units (56,570) (38,932) 5,530 338,198 Dilution adjustment – 1,129 Stamp duty reserve tax (1) (18) Change in net assets attributable to shareholders from investment activities

107,721 18,678

Retained distributions on accumulation shares 9,538 8,679

Closing net assets attributable to shareholders

1,456,771 1,216,869

Balance Sheet As at 30 June 2026

30 Jun 2026 31 Dec 2025 £’000 £’000 Assets Investments 1,432,571 1,315,603 Amounts receivable 3,682 1,351 Cash and cash equivalents 44,234 31,545

Total assets 1,480,487 1,348,499 Liabilities Investments 1,680 2,190 Bank overdrafts 18,381 8,447 Distribution payable 102 192 Other amounts payable 3,553 3,687 Total liabilities 23,716 14,516 Net assets attributable to shareholders

1,456,771 1,333,983

Royal London GMAP Growth Fund | Royal London Multi-Asset Funds ICVC 41

Page 42

Notes to the Financial Statements For the six month period ended 30 June 2026

At the six months period end the balance due to Royal London Unit Trust Managers Limited in respect of these transactions was £3,205,000 (31/12/25: £360,000).

Amounts due from Royal London Unit Trust Managers Limited in respect of periodic charge rebates at the period end amounted to £266,000 (31/12/25: £281,000).

At the six months period end, 30 June 2026, 62.54% (31/12/25: 65.52%) of the shares in issue were held by The Royal London Mutual Insurance Society Limited. Royal London Unit Trust Managers Limited is a wholly owned subsidiary of The Royal London Mutual Insurance Society Limited.

Certain directors or close family members of directors of the Authorised Corporate Director own shares in the Fund which are deemed not to be material.

The fair value of investments has been determined using the following hierarchy:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

As at the period ended 30 June 2026

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Exchange Traded Funds and Commodities

78,416 – – 78,416

Collective investment schemes – 1,350,440 – 1,350,440

Derivatives 2,623 1,092 – 3,715 Total 81,039 1,351,352 – 1,432,571 Investment liabilities Derivatives (1,548) (132) – (1,680) Total (1,548) (132) – (1,680)

As at the year ended 31 December 2025

Level 1 2 3 Total £’000 £’000 £’000 £’000 Investments Exchange Traded Funds and Commodities

88,836 – – 88,836

Collective investment schemes – 1,224,878 – 1,224,878

Derivatives 1,847 42 – 1,889 Total 90,683 1,224,920 – 1,315,603 Investment liabilities Derivatives (1,160) (1,030) – (2,190) Total (1,160) (1,030) – (2,190)

Royal London GMAP Growth Fund | Royal London Multi-Asset Funds ICVC 42

Page 43

Manager’s Investment Report

Cumulative Performance

(% change to 30/06/26)

6 month total return %

1 year total return %

3 year total return %

5 year total return % Royal London GMAP Adventurous Fund, Class M Accumulation

9.36 21.03 44.06 52.65

Royal London GMAP Adventurous Fund, Class M Income

9.23 20.93 44.01 52.31

Royal London GMAP Adventurous Fund, Class P Accumulation

9.37 21.09 44.35 53.06

Royal London GMAP Adventurous Fund, Class R Accumulation

9.56 21.45 45.72 55.49

Royal London GMAP Adventurous Fund, Class S Accumulation

9.52 21.40 – –

Royal London GMAP Adventurous Fund, Class S Income

9.39 21.26 45.54 55.09

Royal London GMAP Adventurous (Z Acc) 9.46 21.20 44.87 –

IA Mixed Investment 40-85% Shares Total Return (TR)* 7.21 16.61 37.51 31.90

Performance overview The Fund outperformed the benchmark during the period under review.

Market overview Geopolitical tensions in the Middle East were a key driver of markets over the period, which saw commodities rise materially over the start of the year. Despite this, global equity markets performed well over the period, with euphoria around Artificial Intelligence (AI) once again boosting investor sentiment. Semiconductor companies, which are at the heart of the AI infrastructure buildout, were beneficiaries, rising sharply. Bond yields ended the period higher, as rising inflation risk saw markets moved to price in interest rate hikes from global central banks.

Royal London GMAP Adventurous Fund

Royal London GMAP Adventurous Fund | Royal London Multi-Asset Funds ICVC 43

Page 44

Manager’s Investment Report (continued)

Investment outlook The Investment Clock is in Stagflation, reflecting the high oil price and weaker business surveys amid the still uncertain US Iran conflict.

Tactically, we maintain a moderate overweight position in equities and underweight position in government bonds.

Please see our Investment Clock blog at www.rlam.com for our latest views.

Trevor Greetham Fund Manager Royal London Asset Management Limited 30 June 2026

Royal London GMAP Adventurous Fund | Royal London Multi-Asset Funds ICVC 44

Page 45

Class M Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 209.55 188.23 167.57 152.96

Return before operating charges* 20.90 22.49 21.74 15.57

Operating charges (0.65) (1.17) (1.08) (0.96) Return after operating charges* 20.25 21.32 20.66 14.61

Distributions on accumulation shares (1.09) (3.02) (3.61) (3.32)

Retained distributions on accumulation shares 1.09 3.02 3.61 3.32

Closing net asset value per share 229.80 209.55 188.23 167.57

* after direct transaction costs of: 0.02 0.04 0.07 0.06

Performance Return after charges 9.66% 11.33% 12.33% 9.55% Other information Closing net asset value (£’000) 219,941 191,060 164,322 109,545 Closing number of shares 95,708,035 91,177,392 87,297,877 65,373,183 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 232.00 211.30 191.50 168.30 Lowest share price 209.50 172.40 159.00 152.10

Class M Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 178.76 162.98 147.95 137.76

Return before operating charges* 17.86 19.40 19.17 14.03

Operating charges (0.56) (1.01) (0.95) (0.86) Return after operating charges* 17.30 18.39 18.22 13.17

Distributions on income shares (0.93) (2.61) (3.19) (2.98)

Closing net asset value per share 195.13 178.76 162.98 147.95

* after direct transaction costs of: 0.02 0.03 0.06 0.05

Performance Return after charges 9.68% 11.28% 12.31% 9.56% Other information Closing net asset value (£’000) 10,526 8,949 5,138 2,725 Closing number of shares 5,394,432 5,006,181 3,152,422 1,841,873 Operating charges 0.60% 0.60% 0.60% 0.60% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 197.90 182.00 168.00 150.60 Lowest share price 178.70 149.30 143.40 137.00

Class P Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 159.34 143.05 127.30 116.13

Return before operating charges* 15.91 17.11 16.47 11.84

Operating charges (0.46) (0.82) (0.72) (0.67) Return after operating charges* 15.45 16.29 15.75 11.17

Distributions on accumulation shares (0.86) (2.35) – (2.57)

Retained distributions on accumulation shares 0.86 2.35 – 2.57

Closing net asset value per share 174.79 159.34 143.05 127.30

* after direct transaction costs of: 0.02 0.03 0.05 0.04

Performance Return after charges 9.70% 11.39% 12.37% 9.62% Other information Closing net asset value (£’000) 5 6 11 2,249 Closing number of shares 2,915 4,086 7,692 1,766,554 Operating charges 0.55% 0.55% 0.55% 0.55% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 176.40 160.70 145.50 127.90 Lowest share price 159.30 131.10 120.80 115.50

Comparative Tables

Royal London GMAP Adventurous Fund | Royal London Multi-Asset Funds ICVC 45

Page 46

Comparative Tables (continued)

Class R Accumulation

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 174.88 156.48 138.80 126.22

Return before operating charges* 17.39 18.60 17.89 12.78

Operating charges (0.11) (0.20) (0.21) (0.20) Return after operating charges* 17.28 18.40 17.68 12.58

Distributions on accumulation shares (1.26) (3.14) (3.55) (3.22)

Retained distributions on accumulation shares 1.26 3.14 3.55 3.22

Closing net asset value per share 192.16 174.88 156.48 138.80

* after direct transaction costs of: 0.02 0.03 0.06 0.05

Performance Return after charges 9.88% 11.76% 12.74% 9.97% Other information Closing net asset value (£’000) 460,888 440,163 283,515 283,032 Closing number of shares 239,850,738 251,690,493 181,179,114 203,913,809 Operating charges 0.12% 0.12% 0.12% # 0.15% Direct transaction costs 0.01% 0.02% 0.04% 0.03% Prices ^ Highest share price 193.90 176.30 159.20 139.40 Lowest share price 175.00 143.50 131.30 125.60

# The FMF changed from 0.15% to 0.12% on 23 September 2024.

Class S Accumulation

30/06/26 31/12/25 31/12/24** Change in net assets per share (p) (p) (p) Opening net asset value per share 114.95 102.88 100.00 Return before operating charges* 11.40 12.23 2.92 Operating charges (0.09) (0.16) (0.04) Return after operating charges* 11.31 12.07 2.88 Distributions on accumulation shares (0.82) (2.04) (0.48) Retained distributions on accumulation shares 0.82 2.04 0.48

Closing net asset value per share 126.26 114.95 102.88 * after direct transaction costs of: 0.01 0.02 0.04 Performance Return after charges 9.84% 11.73% 2.88% Other information Closing net asset value (£’000) 115 15 5 Closing number of shares 91,215 13,043 5,000 Operating charges 0.15% 0.15% 0.15% Direct transaction costs 0.01% 0.02% 0.04% Prices ^ Highest share price 127.40 115.90 104.60 Lowest share price 115.00 94.33 100.00

** Class S Accumulation launched on 30 September 2024.

Class S Income

Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per share (p) (p) (p) (p) Opening net asset value per share 142.41 129.83 117.84 109.72

Return before operating charges* 14.17 15.34 15.17 11.08

Operating charges (0.11) (0.20) (0.19) (0.17) Return after operating charges* 14.06 15.14 14.98 10.91

Distributions on income shares (1.01) (2.56) (2.99) (2.79)

Closing net asset value per share 155.46 142.41 129.83 117.84

* after direct transaction costs of: 0.01 0.03 0.05 0.04

Performance Return after charges 9.87% 11.66% 12.71% 9.94% Other information Closing net asset value (£’000) 30,479 27,921 25,454 23,103 Closing number of shares

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        "text": "with the following for each individual sub-fund: Manager\u2019s Investment Report;"
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        "text": "Royal London Multi-Asset Funds ICVC"
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        "text": "We are pleased to present the Interim Report for Royal London"
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        "id": "ba0e8f74-424d-43f8-846f-25b7ccb44ad3",
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        "text": "Multi-Asset Funds ICVC, covering the six month period from"
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        "page_number": 4,
        "text": "1 January 2026 to 30"
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        "text": "June 2026."
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        "id": "a3a4bc94-07a0-44c4-8c09-43607fd1e372",
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        "text": "Royal London Multi-Asset Funds ICVC (\u2018the Company\u2019) is"
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        "text": "authorised and regulated by the Financial Conduct Authority"
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        "text": "and is structured as an umbrella investment company, in that"
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        "text": "the Company proposes to issue shares linked to different sub"
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        "text": "funds which have been established."
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        "text": "The Company is a non-UCITS retail scheme and qualifies as"
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        "text": "an Alternative Investment Fund within the meaning of AIFMD."
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        "text": "The sub-funds in existence during the six month period from"
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        "text": "June 2026 were:"
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        "text": "Royal London GMAP Diversified Bond Fund"
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        "text": "(launched 14 March 2016)"
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        "text": "Royal London GMAP Defensive Fund"
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        "text": "and consequently creditors of the company may not look to all"
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        "text": "fund in respect of which that creditor\u2019s debt has arisen."
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        "text": "Authority."
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        "text": "For and behalf of Royal London Unit Trust"
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        "text": "Managers"
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        "text": "Limited"
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        "text": "H. I. Georgeson"
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        "text": "R. McNamara"
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        "text": "24 August 2026"
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        "text": "Directors\u2019 Report"
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        "text": "Royal London Multi-Asset Funds ICVC"
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        "text": "4"
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        "text": "1. Accounting policies"
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        "text": "Basis of preparation"
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