Royal London UK Smaller Companies M

The Fund's investment objective is to achieve capital growth over the medium term, which should be considered as a period of 3-5 years, by predominantly investing in the shares of UK smaller companies listed on the London Stock Exchange. At least 50% of the Fund will be invested in UK smaller companies (defined as companies that sit in the bottom 10% of the FTSE All-Share Index by market capitalisation or are listed on the Alternative Investment Market (AIM) of the London Stock Exchange). A UK company is one that is domiciled in the UK, or which has significant UK business operations. Up to 30% of the Fund's assets may be invested in the shares of smaller companies that are not UK companies, but which are listed in the UK.