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Royal London
US Equity Trust
Interim Report
For the six month period ended 30 June 2026 (unaudited)
Page 2
Contents
Trust Information* 3
Manager’s Investment Report* 4
Investment Objective and Policy 4
Risk and Reward Profile 4
Cumulative Performance 5
Investment Review and Outlook 5
Portfolio Statement* 7
Summary of Material Portfolio Changes 10
Comparative Tables 11
Statement of Total Return 13
Statement of Change in Net Assets Attributable to Unitholders 13
Balance Sheet 13
Notes to the Financial Statements 14
General Information 17
* The Authorised Fund Manager’s Report comprises these items (subsequent references to the Manager’s Report).
Royal London US Equity Trust 2
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Trust Information
Independent Auditor KPMG LLP Chartered Accountants and Statutory Auditor 15 Canada Square, London E14 5GL
Investment Adviser Royal London Asset Management Limited 80 Fenchurch Street, Lo ndon EC3M 4BY Authorised and regulated by the Financial Conduct Authority.
Trust Status The Trustee is HSBC Bank plc which holds the title to the Trust’s investments on behalf of unitholders. The Royal London US Equity Trust (the Trust) is a “wider‑range” investment under the Trustee Investments Act 1961. It is an authorised unit trust scheme under section 243 of the Financial Services and Markets Act 2000 and is a UCITS Scheme under the Financial Conduct Authority Collective Investment Schemes Sourcebook. Copies of the Trust Deed may be inspected at the offices of the Manager: 80 Fenchurch Street, London EC3M 4BY.
Manager RLUM Limited 80 Fenchurch Street, Lo ndon EC3M 4BY Authorised and regulated by the Financial Conduct Authority.
Directors of the Manager J.M. Brett (Independent Non - executive Director) (Chairman) H.I. Georgeson J.S. Glen (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)
Trustee HSBC Bank plc 8 Canada Square, Canary Wharf, London E14 5HQ Authorised and regulated by the Financial Conduct Authority.
Administrator HSBC Securities Services (UK) Limited 1 - 2 Lochside Way, Edinburgh Park, Edinburgh EH12 9DT Authorised and regulated by the Financial Conduct Authority.
Registrar RLUM Limited RLUM Limited has delegated responsibility for safekeeping and maintenance of the register to Capita Life and Pensions Regulated Services Limited The Register may be inspected at: Churchgate House, 56 Oxford Street, Manchester M1 6EU
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Manager’s Investment Report
The Royal London US Equity Trust (the Trust) is an authorised unit trust scheme, the Manager of which is RLUM Limited. The Manager has appointed Royal London Asset Management Limited to undertake the portfolio management for the Trust.
Royal London Asset Management Limited is the fund management arm of The Royal London Group and is independently authorised by the Financial Conduct Authority to provide asset management services.
We have a long and successful history of managing our customers’ money and our specialist fund management service offers a distinctive approach to responsible investing across all of the funds that we manage. For example, we fully integrate consideration of financial, environmental, social and governance issues throughout the investment process when selecting companies for investment and we also vote at every Annual General Meeting of companies we hold, the exception being where voting would prevent trading.
Investment Objective and Policy The Trust aims to provide a return greater than that of the MSCI USA £ Net Total Return Index over rolling 5 - year periods, through capital growth, after the deduction of charges.
At least 80% of the Trust is invested in the shares of US companies listed in the US.
The Trust may also invest a small amount of its portfolio in derivatives (investments that derive their value from another closely related underlying investment) for the purposes of efficient portfolio management.
Risk and Reward Profile
1 2 3 4 5 6 7 Lower risk Typically lower rewards Higher risk Typically higher rewards
About this indicator • This Synthetic Risk and Reward Indicator (SRRI) is calculated according to European Securities and Markets Authority (ESMA) regulations, to allow investors to compare funds on the same basis. According to this methodology the Trust has been classed as category 5. • The numerical indicator, which is referenced on the scale, is not a measure of the expected rise or fall in capital but shows how much the unit price of this Trust has risen and fallen (over the last five years) and, therefore, how much the Trust’s returns have varied (its volatility). • The Trust is shown in risk category 5 because its unit price has shown a medium to high level of volatility historically. As an investment, bonds are typically more volatile than money market instruments but less volatile than shares. This Trust has historically been solely invested in shares. • The risk rating remains unchanged from the prior year.
Investors should note • The indicator is based on historical data and may not be a reliable indication of the future risk profile of this Trust. • The lowest rating does not mean ‘risk free’ and it does not measure the risk that you may suffer a capital loss. A higher rating may increase the risk of losing money. • The risk and reward profile shown is not guaranteed to remain the same and may change over time.
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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 US Equity Trust, Class A Income 10.81 25.51 62.87 91.22
Royal London US Equity Trust, Class D Accumulation 11.21 26.47 – –
Royal London US Equity Trust, Class D Income 11.15 26.40 – –
MSCI USA Index* 11.35 25.40 66.52 86.94 IA North America Total Return (TR) 9.96 21.52 54.27 66.25
* Benchmark Class D Accumulation and Class D Income launched on 21 November 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 note that the total return is calculated on the Trust’s official midday price whereas the Trust has been valued as at close of business for the Net Asset Value quoted within the Comparative Table. For further information, including ongoing performance and Trust breakdown information, please refer to the latest factsheet at www.rlam.com.
Manager’s Investment Report (continued)
Investment Review and Outlook
Trust objective The Trust aims to provide a return greater than that of the MSCI USA £ Net Total Return Index over rolling 5 - year periods, through capital growth, after the deduction of charges. The Index has been selected as a target benchmark because it is representative of the type of companies in which the Scheme invests, and it is therefore an appropriate measure for the Scheme’s performance. The performance comparator for the Scheme is the IA North America sector (the “IA Sector”).
Performance overview The performance of the Trust was in line with its benchmark index over the six months under review.
Market overview The six months under review was a positive period for US equities, though there was plenty of turbulence along the way. Headlines and markets were dominated by the US and Iran. The disruption to oil supply via the Strait of Hormuz pushed oil prices to levels last seen following the Russian invasion of Ukraine in 2022. However, a ceasefire was announced towards the end of the period, causing prices to fall back towards pre crisis levels. The effect on equities was to cause volatility.
In the US, the main positive driver was further progress among large - cap technology and semiconductor stocks, as investors responded to another solid earnings season, evidence of sustained AI infrastructure spending, and relief that growth momentum remains intact. Strong earnings and technology leadership pushed both the S&P 500 and Nasdaq to fresh highs. However, these gains were tempered towards the end of the reporting period, amid significant volatility. There were signs that investors have become increasingly concerned about the narrow nature of the rally, and that valuations among large AI - related technology stocks could have risen too far.
Portfolio commentary Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI - related demand. Holdings in the Intel, Vertiv Holdings, TSMC and Micron Technology were among the Trust’s strongest contributors.
Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI memory boom. Not holding Lam Research, Seagate Technology and KLA Corp had a negative effect on relative returns.
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Manager’s Investment Report (continued)
Investment Review and Outlook – continued
Portfolio commentary – continued The holding in Microsoft had a negative impact on relative returns due to investor concerns over the company’s substantial AI infrastructure spending and its impact on profit margins. While the wider business continues to perform well, market leadership shifted towards semiconductor and memory companies seen as more immediate beneficiaries of AI demand, causing Microsoft to lag some of the strongest performing technology stocks.
Looking at transactions, we added to Cisco Systems and Lumentum Holdings, reflecting improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.
We increased the portfolio’s exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations.
Funding for these purchases came from several lower r conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ’s Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere. We also trimmed TSMC following a period of strong share price performance, although it remains a significant active position within the portfolio.
Investment outlook The coming months will test whether investors can look past a complicated macroeconomic backdrop. The main focus will be on corporate earnings to see if profits can justify elevated valuations among AI - related stocks. Concurrently, investors will monitor whether energy - driven price hikes are bleeding into core inflation.
While investors appear to currently favour resilient earnings over geopolitical risks, this balance remains fragile. As we have seen, reversals in recent diplomatic progress between the US and Iran can quickly affect oil prices, inflation expectations, and equity valuations.
Simon Davies Trust 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 Trust, our RLUM Limited Annual Assessment of Value Report is available on 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 in the “Our funds” section on the website www.rlam.com under the Trust’s name. 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. The views expressed are the author’s own and do not constitute investment advice and are not an indication of future Trust performance. Portfolio holdings are subject to change, for information only and are not investment recommendations. Source: Royal London Asset Management Limited, unless otherwise stated.
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Portfolio Statement As at 30 June 2026
Canada – 0.28% (31/12/25 – 0.00%) Mineral Resources – 0.28% (31/12/25 – 0.00%) Metals & Mining – 0.28% 5,107 Agnico Eagle Mines 598 0.13 7,611 Wheaton Precious Metals 644 0.15 Total Mineral Resources 1,242 0.28 Total Canada 1,242 0.28
Ireland – 0.45% (31/12/25 – 0.38%) Cyclical Consumer Services – 0.00% (31/12/25 – 0.22%) Mineral Resources – 0.45% (31/12/25 – 0.16%) Construction Materials – 0.45% 24,134 CRH 1,946 0.45 Total Mineral Resources 1,946 0.45 Total Ireland 1,946 0.45
Netherlands – 0.31% (31/12/25 – 0.00%) Industrial & Commercial Services – 0.31% (31/12/25 – 0.00%) Professional & Commercial Services – 0.31% 6,590 Nebius 1,371 0.31 Total Industrial & Commercial Services 1,371 0.31 Total Netherlands 1,371 0.31
Switzerland – 0.30% (31/12/25 – 0.00%) Insurance – 0.30% (31/12/25 – 0.00%) Insurance – 0.30% 5,162 Chubb 1,325 0.30 Total Insurance 1,325 0.30 Total Switzerland 1,325 0.30
Taiwan – 0.70% (31/12/25 – 0.74%) Technology Equipment – 0.70% (31/12/25 – 0.74%) Semiconductors – 0.70% 8,507 Taiwan Semiconductor Manufacturing ADR 3,055 0.70 Total Technology Equipment 3,055 0.70 Total Taiwan 3,055 0.70
United Kingdom – 1.14% (31/12/25 – 0.18%) Energy – Fossil Fuels – 0.00% (31/12/25 – 0.18%) Pharmaceuticals & Medical Resources – 0.46% (31/12/25 – 0.00%) Pharmaceuticals – 0.46% 47,812 Royalty Pharma 2,020 0.46 Total Pharmaceuticals & Medical Resources 2,020 0.46
Technology Equipment – 0.68% (31/12/25 – 0.00%) Semiconductors – 0.68% 11,166 Arm Holdings ADR 2,983 0.68 Total Technology Equipment 2,983 0.68 Total United Kingdom 5,003 1.14
United States – 96.03% (31/12/25 – 98.19%) Applied Resources – 0.23% (31/12/25 – 0.32%) Paper & Forest Products – 0.23% 35,965 Sylvamo 1,026 0.23 Total Applied Resources 1,026 0.23
Automobiles & Auto Parts – 2.55% (31/12/25 – 2.52%) Automobiles & Auto Parts – 2.55% 16,247 BorgWarner 813 0.18 136,797 Ford Motor 1,432 0.33 46,466 General Motors 2,698 0.62 10,520 Lear Corporation 1,062 0.24 16,245 Tesla Motors 5,145 1.18 Total Automobiles & Auto Parts 11,150 2.55
Banking & Investment Services – 5.51% (31/12/25 – 6.68%) Banking Services – 3.17% 43,855 JP Morgan Chase 10,814 2.47 9,004 PNC Financial Services 1,669 0.38 36,903 Truist Financial 1,385 0.32 Investment Banking & Investment Services – 2.34% 2,774 BlackRock Funding 2,008 0.46 13,418 Chicago Mercantile Exchange 2,232 0.51 5,534 Goldman Sachs 4,217 0.96 25,519 Schwab 1,773 0.41 Total Banking & Investment Services 24,098 5.51
Chemicals – 0.24% (31/12/25 – 0.25%) Chemicals – 0.24% 12,677 RPM International 1,062 0.24 Total Chemicals 1,062 0.24
Consumer Goods Conglomerates – 1.89% (31/12/25 – 2.31%) Consumer Goods Conglomerates – 1.89% 17,305 Berkshire Hathaway ‘B’ 6,522 1.49 8,470 Illinois Tool Works 1,726 0.40 Total Consumer Goods Conglomerates 8,248 1.89
Cyclical Consumer Products – 0.39% (31/12/25 – 0.22%) Homebuilding & Construction – 0.23% 77,130 Qxo 1,007 0.23 Leisure Products – 0.16% 12,214 Thor Industries 691 0.16 Total Cyclical Consumer Products 1,698 0.39
Cyclical Consumer Services – 0.74% (31/12/25 – 0.88%) Hotels & Entertainment Services – 0.74% 24,026 Booking Holdings 3,226 0.74 Total Cyclical Consumer Services 3,226 0.74
Energy – Fossil Fuels – 3.04% (31/12/25 – 2.68%) Oil & Gas – 2.23% 40,450 Devon Energy 1,259 0.29 25,672 EQT 1,028 0.23 32,694 Exxon Mobil 3,361 0.77 25,268 Occidental Petroleum 925 0.21 16,319 Valero Energy 3,202 0.73
Holding Investment
Mid-market value (£’000) Total net assets (%) Holding Investment
Mid-market value (£’000) Total net assets (%)
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Portfolio Statement (continued) As at 30 June 2026
Holding Investment
Mid-market value (£’000) Total net assets (%) Holding Investment
Mid-market value (£’000) Total net assets (%)
Insurance – 1.57% (31/12/25 – 2.53%) Insurance – 1.57% 30,549 Brown & Brown 1,476 0.34 2,623 Kinsale Capital Group 652 0.15 8,474 Primerica 1,815 0.42 17,642 Progressive 2,901 0.66 Total Insurance 6,844 1.57
Mineral Resources – 0.65% (31/12/25 – 0.92%) Metals & Mining – 0.65% 16,343 Steel Dynamics 2,825 0.65 Total Mineral Resources 2,825 0.65
Personal & Household Products – 0.77% (31/12/25 – 1.16%) Personal & Household Products – 0.77% 30,503 Procter & Gamble 3,366 0.77 Total Personal & Household Products 3,366 0.77
Pharmaceuticals & Medical Resources – 5.40% (31/12/25 – 5.75%) Pharmaceuticals – 5.40% 22,176 Abbvie 4,197 0.96 6,664 Alnylam Pharmaceuticals 1,512 0.35 9,439 Eli Lilly 8,531 1.95 29,252 Halozyme Therapeutics 1,725 0.39 2,241 McKesson HBOC 1,275 0.29 44,929 Merck & Co 4,347 0.99 5,435 Vertex Pharmaceuticals 2,033 0.47 Total Pharmaceuticals & Medical Resources 23,620 5.40
Real Estate – 1.78% (31/12/25 – 1.70%) Real Estate Operations – 0.39% 7,326 Jones Lang LaSalle 1,712 0.39 Residential & Commercial REITs – 1.39% 54,249 CareTrust 1,649 0.38 27,947 Equity Lifestyle Properties 1,358 0.31 18,346 Prologis 1,872 0.43 47,243 Rexford Industrial 1,192 0.27 Total Real Estate 7,783 1.78
Renewable Energy – 0.59% (31/12/25 – 0.00%) Renewable Energy – 0.59% 30,785 Enphase Energy 1,142 0.26 15,818 Nextpower 1,421 0.33 Total Renewable Energy 2,563 0.59
Retailers – 6.32% (31/12/25 – 6.07%) Diversified Retail – 5.24% 96,434 Amazon.com 17,308 3.96 3,985 Costco Wholesale 2,808 0.64 23,115 Dollar General 2,006 0.46 13,489 Ollie’s Bargain Outlet 781 0.18 Specialty Retailers – 1.08% 14,384 Home Depot 3,818 0.87 4,253 Lithia Motors 932 0.21 Total Retailers 27,653 6.32
Energy – Fossil Fuels – 3.04% (31/12/25 – 2.68%) – continued Oil & Gas Equipment – 0.81% 18,343 Baker Hughes Company 766 0.18 114,894 Kinder Morgan 2,767 0.63 Total Energy – Fossil Fuels 13,308 3.04
Food & Beverages – 2.39% (31/12/25 – 2.60%) Beverages – 1.02% 34,041 Molson Coors Brewing ‘B’ 999 0.23 33,689 PepsiCo 3,437 0.79 Food & Tobacco – 1.37% 44,663 Lamb Weston Holdings 1,452 0.33 17,700 McCormick 672 0.15 28,481 Philip Morris International 3,881 0.89 Total Food & Beverages 10,441 2.39
Food & Drug Retailing – 0.20% (31/12/25 – 0.15%) Food & Drug Retailing – 0.20% 14,041 Sprouts Farmers Market 895 0.20 Total Food & Drug Retailing 895 0.20
Healthcare Services & Equipment – 3.19% (31/12/25 – 3.66%) Healthcare Equipment & Supplies – 1.79% 34,269 Bruker BioSciences 1,554 0.36 14,417 Danaher 2,067 0.47 7,278 Stryker 1,727 0.39 6,628 Thermo Fisher Scientific 2,500 0.57 Healthcare Providers & Services – 1.40% 5,398 Elevance Health 1,573 0.36 2,644 HCA Holdings 777 0.18 11,983 UnitedHealth 3,750 0.86 Total Healthcare Services & Equipment 13,948 3.19
Industrial & Commercial Services – 3.98% (31/12/25 – 4.20%) Construction & Engineering – 0.33% 5,336 TopBuild 1,423 0.33 Professional & Commercial Services – 3.65% 4,541 Corpay 1,140 0.26 4,741 FactSet Research Systems 823 0.19 7,432 S&P Global 2,277 0.52 4,898 United Rentals 4,180 0.95 29,239 Visa ‘A’ 7,547 1.73 Total Industrial & Commercial Services 17,390 3.98
Industrial Goods – 5.85% (31/12/25 – 4.94%) Aerospace & Defense – 2.33% 13,904 General Electric 3,911 0.90 9,946 Lockheed Martin 3,814 0.87 6,370 Northrop Grumman 2,443 0.56 Machinery, Tools & Heavy Vehicles – 3.52% 20,017 Ametek 3,647 0.83 6,556 Hubbell 2,584 0.59 24,010 Paccar 2,172 0.50 4,057 Parker- r- Hannifin 2,989 0.68 15,888 Vertiv Holdings 4,005 0.92 Total Industrial Goods 25,565 5.85
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Portfolio Statement (continued) As at 30 June 2026
Holding Investment
Mid-market value (£’000) Total net assets (%) Holding Investment
Mid-market value (£’000) Total net assets (%)
Software & IT Services – 17.20% (31/12/25 – 21.15%) Software & IT Services – 17.20% 119,164 Alphabet ‘A’ 32,062 7.33 5,375 AppLovin Corp 2,086 0.48 5,279 Caci International 1,841 0.42 1,023 MercadoLibre 1,309 0.30 16,163 Meta Platforms 6,856 1.57 73,275 Microsoft 20,584 4.71 43,496 NetFlix 2,339 0.53 19,264 Oracle 2,129 0.49 6,679 Roper Technologies 1,703 0.39 26,344 ServiceNow 1,970 0.45 6,903 Synopsys 2,319 0.53 Total Software & IT Services 75,198 17.20
Technology Equipment – 28.02% (31/12/25 – 23.74%) Communications & Networking – 1.82% 70,848 Cisco Systems 6,265 1.43 2,640 Lumentum 1,706 0.39 Computers Phones & Household equipments – 7.04% 141,208 Apple 30,764 7.04 Semiconductors – 19.16% 14,155 Advanced Micro Devices 6,191 1.42 13,627 Analog Devices 4,076 0.93 3,534 Applied Materials 1,926 0.44 31,935 Broadcom 9,078 2.08 95,495 Intel 10,037 2.29 16,801 Micron Technology 14,572 3.33 225,589 Nvidia 33,954 7.77 28,171 Qualcomm 3,922 0.90 Total Technology Equipment 122,491 28.02
Telecommunications Services – 0.34% (31/12/25 – 0.67%) Telecommunications Services – 0.34% 11,733 T - Mobile 1,482 0.34 Total Telecommunications Services 1,482 0.34
Transportation – 1.06% (31/12/25 – 0.90%) Freight & Logistics Services – 1.06% 10,808 Old Dominion Freight Line 1,763 0.40 14,114 Union Pacific 2,890 0.66 Total Transportation 4,653 1.06
Utilities – 2.13% (31/12/25 – 2.19%) Electric Utilities & IPPs – 0.72% 26,273 Vistra Energy 3,140 0.72 Multiline Utilities – 0.62% 44,229 Public Service Enterprise 2,704 0.62 Natural Gas Utilities – 0.79% 81,945 New Jersey Resources 3,462 0.79 Total Utilities 9,306 2.13 Total United States 419,839 96.03
Futures – 0.01% (31/12/25 – 0.01%) 12 CME S&P500 EMINI Future September 2026 57 0.01 Total Futures 57 0.01
Total value of investments 433,838 99.22 Net other assets 3,389 0.78 Total net assets 437,227 100.00 All investments 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 Lockheed Martin 4,797 General Electric 3,102 Arm Holdings ADR 2,995 AppLovin Corp 2,949 Costco Wholesale 2,904 Alphabet ‘A’ 2,714 Advanced Micro Devices 2,563 S&P Global 2,377 Apple 2,228 Danaher 1,964 Subtotal 28,593 Total cost of purchases, including the above, for the period 81,441
Significant Sales
Proceeds £’000 Micron Technology 8,060 Intel 3,735 Vertiv Holdings 3,222 Alphabet ‘A’ 3,122 Microsoft 2,623 United Rentals 2,196 Ametek 2,028 Apple 1,943 Lamar Advertising Company 1,902 JP Morgan Chase 1,756 Subtotal 30,587 Total proceeds from sales, including the above, for the period 92,125
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Class A Income
Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23 per unit (p) (p) (p) (p) Opening net asset value per unit 585.43 545.32 435.35 350.27
Return before operating charges* 70.97 45.81 115.49 89.91
Operating charges (3.07) (5.58) (5.30) (4.81) Return after operating charges* 67.90 40.23 110.19 85.10
Distributions on income units (0.09) (0.12) (0.22) (0.02)
Closing net asset value per unit 653.24 585.43 545.32 435.35
* after direct transaction costs of: 0.04 0.06 0.05 0.06
Performance Return after charges 11.60% 7.38% 25.31% 24.30% Other information Closing net asset value (£’000) 387,796 357,664 376,014 313,283 Closing number of units 59,365,350 61,094,550 68,952,450 71,960,650 Operating charges 1.02% 1.03% 1.03% ## 1.18% # Direct transaction costs 0.01% 0.01% 0.01% 0.02% Prices^ Highest unit price 662.00 599.70 563.30 438.40 Lowest unit price 552.70 454.50 429.30 348.40
# The AMC was reduced from 1.25% to 1.15% on 1 June 2023. ## The AMC was further reduced from 1.15% to 1.00% on 1 April 2024.
Class D Accumulation
Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per unit (p) (p) (p) (p) Opening net asset value per unit 140.15 129.56 102.59 100.00
Return before operating charges* 17.03 10.98 27.32 2.61
Operating charges (0.21) (0.39) (0.35) (0.02) Return after operating charges* 16.82 10.59 26.97 2.59
Distributions on accumulation units (0.55) (0.94) (0.97) (0.13)
Retained distributions on accumulation units 0.55 0.94 0.97 0.13
Closing net asset value per unit 156.97 140.15 129.56 102.59
* after direct transaction costs of: 0.01 0.01 0.01 0.02
Performance Return after charges 12.00% 8.17% 26.29% 2.59% Other information Closing net asset value (£’000) 49,430 43,531 6,631 1 Closing number of units 31,490,500 31,061,000 5,118,500 500 Operating charges 0.29% 0.30% 0.30% 0.30% Direct transaction costs 0.01% 0.01% 0.01% 0.02% Prices^ Highest unit price 158.90 143.40 133.70 103.30 Lowest unit price 132.60 108.20 101.20 99.05
** Class D Accumulation launched on 21 November 2023.
Comparative Tables
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Comparative Tables (continued)
Class D Income
Change in net assets 30/06/26 31/12/25 31/12/24 31/12/23** per unit (p) (p) (p) (p) Opening net asset value per unit 137.92 128.41 102.46 100.00
Return before operating charges* 16.75 10.81 27.26 2.61
Operating charges (0.29) (0.26) (0.15) (0.02) Return after operating charges* 16.46 10.55 27.11 2.59
Distributions on income units (0.45) (1.04) (1.16) (0.13)
Closing net asset value per unit 153.93 137.92 128.41 102.46
* after direct transaction costs of: 0.01 0.01 0.01 0.02
Performance Return after charges 11.93% 8.22% 26.46% 2.59% Other information Closing net asset value (£’000) 1 1 1 1 Closing number of units 500 500 500 500 Operating charges 0.29% 0.30% 0.30% 0.30% Direct transaction costs 0.01% 0.01% 0.01% 0.02% Prices^ Highest unit price 156.30 141.60 133.10 103.30 Lowest unit price 130.40 107.30 101.10 99.05
** Class D Income launched on 21 November 2023. ^ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year.
It should be noted that past performance is not a reliable indicator of future performance and that the value of units, and the income derived from them, can vary.
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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/ (losses) 45,295 (15,432)
Revenue 2,472 2,220 Expenses (1,902) (1,764) Net revenue before taxation 570 456
Taxation (353) (314) Net revenue after taxation 217 142
Total return before distributions 45,512 (15,290)
Distributions (217) (142) Change in net assets attributable to unitholders from investment activities
45,295 (15,432)
Statement of Change in Net Assets Attributable to Unitholders For the six month period ended 30 June 2026
30 Jun 2026 30 Jun 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders
401,196 382,646
Issue of units 16,141 47,858 Cancellation of units (25,577) (32,735) (9,436) 15,123 Change in net assets attributable to unitholders from investment activities
45,295 (15,432)
Retained distribution on accumulation units 172 147
Closing net assets attributable to unitholders
437,227 382,484
Balance Sheet As at 30 June 2026
30 Jun 2026 31 Dec 2025 £’000 £’000 Assets Investments 433,838 399,184 Amounts receivable 7,189 327 Cash and cash equivalents 3,145 2,149
Total assets 444,172 401,660 Liabilities Distribution payable 52 Other amounts payable 6,893 464 Total liabilities 6,945 464 Net assets attributable to unitholders
437,227 401,196
The financial statements were approved on 24 August 2026 and signed on behalf of the Board of the Manager by:
H.I. Georgeson (Director)
R. McNamara (Director)
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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 Investments Schemes Sourcebook. They have been prepared in accordance with applicable UK accounting standards, Trust Deed and in accordance with the UK Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (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.
Basis of valuation of investments The investments of the Trust have been valued at closing mid price on 30 June 2026, the last valuation point in the accounting period.
Market value is defined by the SORP as fair value, which is generally the mid value of each security. If the closing mid price is not available the price used is the last available published price at the year end.
The Manager has assigned the responsibility to review and approve fair value pricing decisions to the Royal London Asset Management Limited Valuation Oversight Committee. In accordance with the Royal London Asset Management Limited 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.
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 The functional currency of the Trust is pound sterling.
Assets and liabilities denominated in foreign currencies have been converted to sterling at the mid - market closing rates of exchange on 30 June 2026.
Revenue and expenditure transactions are translated at the rates of exchange ruling at the date of transaction.
Recognition of revenue Revenue from equities and non - equity shares is recognised when the security is quoted ex - dividend.
Revenue from stock dividends is treated as distributable.
Other revenue is accounted for on an accruals basis.
Notes to the Financial Statements For the six month period ended 30 June 2026
All revenue is recognised as a gross amount that includes any withholding taxes but excludes any other taxes such as attributable tax credits.
Special dividends are treated as revenue or capital according to the nature of the event giving rise to the receipt.
The ordinary element of stock dividends is treated as income and forms part of the distribution.
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 Trust. 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.
Treatment of expenses RLUM Limited’s annual charge (A Income 1.00% D Income and D Accumulation 0.27%) is calculated daily on the total net assets of the Trust.
All expenses are charged against revenue, except those relating to the purchase and sale of investments, which are charged against capital.
Expenses include irrecoverable VAT.
Taxation Corporation tax is provided at 20% on taxable revenue, after deduction of allowable expenses.
Where overseas tax has been deducted from overseas revenue, then that tax can, in some instances, be set off against the corporation tax payable, by way of double tax relief.
Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for taxation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only to the extent they are regarded as recoverable.
It should be noted that legislation governing taxation is liable to change. The information contained in this report is based upon RLUM Limited’s understanding of the current position.
2. Distribution policy The excess of revenue over expenses and taxation charged to revenue, as disclosed in the financial statements, is distributable to unitholders.
Any revenue deficit is deducted from capital.
Distributions are paid to unitholders semi - annually.
For Accumulation units, this revenue is not distributed but automatically reinvested in the Trust and is reflected in the value of the units.
Royal London US Equity Trust 14
Page 15
Notes to the Financial Statements (continued) For the six month period ended 30 June 2026
2. Distribution policy – continued Equalisation applies only to units purchased during the distribution period (Group 2 units). It represents the accrued revenue included in the purchase price of the units. 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 units for Capital Gains Tax purposes.
3. Risk management policies In pursuing the Trust’s objectives set out on page 4 , the Trust holds a number of financial instruments which include:
• Equity shares held in accordance with the Trust’s investment objectives and policies. • Cash, liquid resources and short - term debtors and creditors that arise directly from its operations.
The main risks arising from the Trust’s financial instruments are summarised below, and remain unchanged from the prior year.
Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Trust might suffer through holding market positions in the face of price movements. The asset allocation of the portfolio is reviewed in order to manage the risk associated with particular industry sectors whilst continuing to follow the investment objective. An individual Fund Manager has responsibility for monitoring the existing portfolio selected in accordance with an overall asset allocation parameter and seeks to ensure that the Trust invests in a diversified fashion, to reduce the risk of exposure to a significant event affecting a single security, or industry, subject to the obligation under the Trust’s objective to invest in securities which share certain characteristics.
Foreign currency risk The value of the Trust’s investments may be affected by currency movements since a proportion of the assets are denominated in currencies other than sterling. The Manager 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. However, no such arrangements were in place at the year end. The risk of currency movements on the income property of the Trust is minimised by converting income received in foreign currency into sterling on the date of transaction.
Credit 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 Trust 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 Trust has fulfilled its responsibilities. The Trust 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.
Liquidity risk The Trust’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 Trust is the redemption of any units that investors wish to sell. Liquidity risk, mainly derived from the liability to unitholders, is minimised through holding cash and readily realisable securities which can meet the usual requirements of unit redemptions.
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 Trust’s investments or the Manager’s operations and the operations of the Manager and the Company’s service providers.
Political risk
The value of the assets of a Trust 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 Manager is closely monitoring the current geopolitical risks, including those arising from the continuing conflict in the Ukraine and the Middle East.
The Trust has no direct exposure to Russian companies and the Manager is complying with all restrictions and sanctions issued by the relevant authorities.
Royal London US Equity Trust 15
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4. Related party transactions The Manager is a related party to the Trust as defined by Financial Reporting Standard FRS 102 ‘Related Party Disclosures’ and is named on page 3 . Fees received by the Manager are disclosed in within the expenses figure shown on the Statement of total return of the financial statements. By virtue of the Regulations governing authorised unit trusts, the Manager is party to every transaction in respect of units of the Trust, which are summarised in the Statement of Change in Net Assets Attributable to Unitholders and within the Distribution figure shown on the Statement of total return, for the revenue element.
Any amounts due to or from the Manager at the end of the accounting year are disclosed in Amounts receivable and and Other amounts payable in the Balance sheet of the financial statements.
At the six months period end £305,000 (31/12/25: £362,000) was due from RLUM Limited. These amounts are included in amounts receivable and amounts payable for cancellation of units and accrued expenses in Other amounts payable in Balance Sheet.
RLUM Limited is a wholly owned subsidiary of The Royal London Mutual Insurance Society Limited
5. Fair value of investments The fair values of the Trust’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 Equities 433,781 – – 433,781 Derivatives 57 – – 57 Total 433,838 – – 433,838
As at the year ended 31 December 2025
Level 1 2 3 Total £000 £000 £000 £000 Investments Equities 399,160 – – 399,160 Derivatives 24 – – 24 Total 399,184 – – 399,184
6. Events during the balance sheet date These interim financial statements are the first to be prepared in accordance with the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association in October 2025 and FRS 102.
Notes to the Financial Statements (continued) For the six month period ended 30 June 2026
Royal London US Equity Trust 16
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Pricing and dealing The prices of units are determined by reference to the underlying market value of the net assets of the Trust at the relevant valuation point.
Unit prices are normally calculated daily however, if the markets are exceptionally volatile the Manager may conduct more frequent valuations to reflect any significant changes in the value of the Trust’s underlying assets.
Dealing prices, yields and details of risks and charges are published on our website, www.rlam.com.
Dealing in units is conducted between 8.00am and 8.00pm Monday to Friday, and 8.00am and 5.00pm on Saturday.
Buying units Units may be bought on any business day via an authorised intermediary or from the Manager by telephoning the Customer Contact Centre on 0345 605 7777*. Alternatively, an application form should be completed and sent to the Manager. Units will be allocated at the price ruling at the next valuation point and a contract note confirming the purchase will be issued immediately thereafter.
Selling units Units may be sold back to the Manager on any business day. Units can be sold by telephone by calling the Customer Contact Centre on 0345 605 7777* or alternatively by putting your request in writing. The Manager will allocate the price calculated from the next valuation point and issue a contract note as evidence of the sale.
* In the interest of investors’ protection all telephone calls to the Customer Contact Centre are recorded.
Cancellation rights Where a person purchases units the Conduct of Business Sourcebook (as amended from time to time) may give the investor the right to cancel the relevant purchase within 14 days of receipt of the requisite notice of a right to cancel. The right to cancel does not arise if (a) the investor is not a private customer, (b) the investor is not an execution - only customer, (c) the agreement to purchase is entered into through a direct offer financial promotion, or (d) the agreement is entered into under a customer agreement or during negotiations (which are not ISA or PEP related) intended to lead to a client agreement.
UK taxation The Trust is not subject to Capital Gains Tax.
Capital gains established when units are sold are subject to tax, but at the present time investors are not liable unless their total gains in any tax year from all disposals of assets exceed the Capital Gains Tax annual exemption.
Investors receive a distribution of net revenue with tax credit equivalent to the lower rate of income tax. Where the distribution is retained within the Trust and not paid out it should be included in investors’ Income Tax Return. No further liability exists if they pay at the lower or basic rate, but higher rate tax will be payable as appropriate. If investors are not liable to tax they are unable to claim repayment of the tax credit from HM Revenue & Customs.
The treatment of distributions as received by corporate unit holders is detailed on the reverse of dividend warrants. The first distribution received after purchasing units includes an amount described as ‘equalisation’. This is a repayment of capital and is, therefore, not liable to Income Tax. It should, however, be deducted from the initial cost of units for Capital Gains Tax purposes.
Authorisation RLUM Limited is authorised and regulated by the Financial Conduct Authority and is a subsidiary of The Royal London Mutual Insurance Society Limited.
Trust Reports and Prospectus Copies of the latest yearly and half yearly financial statements and copies of the Prospectus may be obtained from RLUM Limited upon request.
Transfer of units Subject to any restrictions in the Trust’s Prospectus, unitholders are entitled to transfer their units to another person or body. All transfers must be in writing in the form of an instrument of transfer approved by the Manager for this purpose.
Completed instruments of transfer must be returned to the Manager in order for the transfer to be registered by the Manager.
The Manager currently accepts transfers of title (including renunciation of title in the case of a redemption) to units on the authority of electronic instructions transmitted via electronic messaging systems. Please refer to the Trust’s Prospectus for further information.
General Information
Royal London US Equity Trust 17
Page 18
Contact Us
For further information please contact:
Royal London Asset Management Limited 80 Fenchurch Street, London EC3M 4BY
020 3272 5950 bdsupport@rlam.co.uk www.rlam.com
This report is issued by Royal London Asset Management Limited on behalf of RLUM Limited. Royal London Asset Management Limited provides asset management services to RLUM Limited which is the authorised Manager of the Royal London US Equity Trust. Royal London Asset Management Limited, registered in England and Wales number 2244297; Royal London Unit Trust Managers Limited, registered in England and Wales number 2372439. RLUM Limited, registered in England and Wales number 2369965. All of these companies are authorised and regulated by the Financial Conduct Authority. These companies are subsidiaries of The Royal London Mutual Insurance Society Limited, registered in England and Wales number 99064. Registered office: 80 Fenchurch Street, London EC3M 4BY.
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"text": "MSCI USA \u00a3 Net Total Return Index over rolling 5"
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"text": "Lower risk"
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"text": "the same basis. According to this methodology the Trust has"
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"text": "fallen (over the last five years) and, therefore, how much the"
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"text": "Trust\u2019s returns have varied (its volatility)."
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