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Premier Miton

Cautious Monthly

Income Fund

Annual Report and Financial Statements (audited)

For the period from 1 July 2025 to 30 June 2026

Page 2

INDEX

Management and Administration Registered Office and Directors �� 2 Fund Information �� 2 Statement of Manager’s Responsibilities �� 2 Important Notes �� 2 Report of the Manager to the Unitholders �� 3 Statement of Disclosure to the Auditors �� 3 Directors’ Statement �� 3 AIFMD Disclosures �� 3 Report of the Trustee to the Unitholders �� 4

Independent Auditor’s Report Independent Auditor’s Report to the Unitholders �� 5 -6

Premier Miton Cautious Monthly Income Fund Fund Information �� 7 -8 Synthetic Risk and Reward Indicator �� 9 Leverage �� 9 Investment Objective and Policy �� 9 Investment Review �� 9 -10 Portfolio of Investments �� 11 -14 Statement of Total Return, Statement of Change in Net Assets Attributable to Unitholders & Balance Sheet �� 15 Notes to the Financial Statements �� 16 -24 Distribution Tables �� 25 -26

Page 3

MANAGEMENT AND ADMINISTRATION

The Manager and registered office of Premier Miton Cautious Monthly Income Fund (“the Fund”): Registrar and Auditor PREMIER PORTFOLIO MANAGERS LIMITED As of 20 March 2026 Paternoster House, 65 St. Paul's Churchyard, London, EC4M 8AB Previously Eastgate Court, High Street, Guildford, Surrey, GU1 3DE Premier Portfolio Managers Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) and is a member of The Investment Association (“IA”). Premier Fund Managers Limited and Premier Portfolio Managers Limited are members of the 'Premier Miton Investors' Marketing group and subsidiaries of Premier Miton Group Plc. DIRECTORS OF THE MANAGER: Mike O’Shea Piers Harrison Nicola Stronach Gregor Craig Jonathan Willcocks Sarah Walton (Non-Executive Director) Nick Emmins (Non-Executive Director)* Mark Skinner (Non-Executive Director)** * Ceased to hold office due to death, on 6 November 2025. **Appointed 6 March 2026. INVESTMENT ADVISER: Premier Fund Managers Limited is the Investment Manager to Premier Miton Cautious Monthly Income Fund. TRUSTEE: Northern Trust Investor Services Ltd 50 Bank Street, Canary Wharf, London, E14 5NT Authorised and regulated by the Financial Conduct Authority. AUDITOR: Ernst & Young LLP 144 Morrison Street, Edinburgh, EH3 8EX ADMINISTRATOR & REGISTRAR: Northern Trust Global Services SE, UK Branch 50 Bank Street, Canary Wharf, London, E14 5NT FUND INFORMATION The Premier Miton Cautious Monthly Income Fund is an authorised Unit Trust scheme for the purposes of the Act. The Fund was authorised by the Financial Conduct Authority (FCA) Product Reference Number 527922 and was launched on 19 May 2011. The Fund is a non-UCITS retail scheme which complies with the Financial Conduct Authority’s Collective Investment Schemes sourcebook (the “Regulations”). The Fund is an AIF for the purposes of 'FUND' and the AIFMD rules. Premier Miton has published an annual report to help you understand the effect our funds have on the climate as well as the effect that changes to the climate may have on the Premier Miton funds. A copy of the Report can be found here: https://corporate-premiermiton.huguenots.co.uk/srp/documents id/873ba333-c716-4127-a7c3-dfa4ba4901cf/TCFDProductreport.pdf.

STATEMENT OF MANAGER’S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS OF THE SCHEME The Collective Investment Schemes sourcebook published by the FCA, ("the COLL Rules") require the Manager to prepare financial statements for each annual accounting year, which give a true and fair view of the financial position of the Fund and of the net income and the net gains on the property of the Fund for the year. In preparing the financial statements, the Manager is responsible for: • selecting suitable accounting policies and then apply them consistently; • making judgements and estimates that are reasonable and prudent; • following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; • complying with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Association in May 2014; • keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements; • assessing the Fund's and its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern; • using the going concern basis of accounting unless they either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so; • such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and • taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Manager is responsible for the maintenance and integrity of the corporate and financial information included on the Fund's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

IMPORTANT NOTES Value Assessment Report It is our duty as Authorised Fund Manager (“AFM”) to act in the best interests of our investors. As part of fulfilling this duty, we need to consider whether the charges taken from our funds are justified in the context of the overall service and value that we provide to our investors. The FCA introduced rules requiring the Boards of AFMs to consider robustly and in detail whether they are delivering value for money to their investors and to explain the assessment annually in a Value Statement made available to the public. The Value Assessment Report is available on the Premier Miton website www. premiermiton.com and can be found within the Literature section of the website under Regulatory documents after selecting Premier Miton Cautious Monthly Income Fund. The Value Assessment Report will be published before 30 April each year and will cover the period 1 January to 31 December for the previous year.

Page 4

MANAGEMENT AND ADMINISTRATION

REPORT OF THE MANAGER TO THE UNITHOLDERS OF THE FUND The Manager, as sole director, presents its report and the audited financial statements of the Fund for the year from 1 July 2025 to 30 June 2026. The Fund is a non-UCITS scheme which complies with the Financial Conduct Authority’s Collective Investment Schemes sourcebook. The unitholders are not liable for the debts of the Fund. The Investment Objectives and Policies of the Fund are covered in the section on page 9. The names and addresses of the Manager, the Trustee, the Registrar and the Auditor are detailed on page 2.

STATEMENT OF DISCLOSURE TO THE AUDITORS So far as the Manager is aware, there is no relevant audit information of which the Fund's Auditors are unaware. Additionally, the Manager has taken all the necessary steps that they ought to have taken as Manager in order to make themselves aware of all relevant audit information and to establish that the Fund's Auditors are aware of that information.

DIRECTORS’ STATEMENT In accordance with the Regulations, we hereby certify the report on behalf of the Directors of Premier Portfolio Managers Limited.

Gregor Craig Nicola Stronach Director (of the Manager) Director (of the Manager) 30 September 2026

AIFMD DISCLOSURES The provisions of the Alternative Investment Fund Managers Directive (“AIFMD”) took effect on 22 July 2014. That legislation requires the AIFM to establish and maintain remuneration policies for its staff which are consistent with and promote sound and effective risk management. The AIFM is part of a larger group of companies within which remuneration policies are the responsibility of a Remuneration Committee comprised entirely of non-executive directors. That committee has established a remuneration policy which sets out a framework for determining the level of fixed and variable remuneration of staff, including maintaining an appropriate balance between the two. Arrangements for variable remuneration within the group are calculated primarily by reference to the performance of each individual and the profitability of the relevant business unit. The policies are designed to reward long term performance and long term profitability. Within the group, all staff are employed by the parent company with none employed directly by the AIFM. The costs of a number of individuals are allocated between the entities within the group based on the expected amount of time devoted to each. The total remuneration of those individuals who are fully or partly involved in the activities of the AIFs, including those whose time is allocated between group entities, for the financial year ending 30 September 2025, is analysed below: Fixed Remuneration £4,276,065 Variable Remuneration £1,624,782

Total £5,900,847 FTE Number of staff: 47 10 of the staff members included in the total remuneration figures above are considered to be senior management or others whose actions may have a material impact on the risk profile of the funds. The table below provides an alternative analysis of the remuneration data. Aggregate remuneration of:

Senior management £76,681 Staff whose actions may have a material impact on the funds £1,299,064 Other £4,525,102 Total £5,900,847 The staff members included in the above analysis support all the funds managed by the AIFM. It is not considered feasible or useful to attempt to apportion these figures to individual funds. Management have reviewed the general principles of the Remuneration Policy and its application in the last year which has resulted in no material changes to the Policy.

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MANAGEMENT AND ADMINISTRATION

REPORT OF THE TRUSTEE TO THE UNITHOLDERS FOR THE YEAR FROM 1 JULY 2025 TO 30 JUNE 2026 FOR PREMIER MITON CAUTIOUS MONTHLY INCOME FUND (‘THE FUND’) The Depositary in its capacity as Trustee of the Premier Miton Cautious Monthly Income Fund must ensure that the Fund is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the Scheme documents”) as detailed below. The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Fund and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Fund in accordance with the Regulations. The Depositary must ensure that: • the Fund's cash flows are properly monitored and that cash of the Fund is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations; • the value of units of the Fund are calculated in accordance with the Regulations; • any consideration relating to transactions in the Fund's assets is remitted to the Fund within the usual time limits; • the Fund's income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager (“the AFM”) are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Fund is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Fund. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Fund, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Fund, acting through the AFM: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund's units and the application of the Fund's income in accordance with the Regulations and the Scheme documents of the Fund; and (ii) has observed the investment and borrowing powers and restrictions applicable to the Fund in accordance with the Regulations and the Scheme documents of the Fund have not been exceeded.

Northern Trust Investor Services Ltd Trustee & Depositary Services 30 September 2026

Page 6

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF PREMIER MITON CAUTIOUS MONTHLY INCOME ('THE FUND') Opinion We have audited the financial statements of Premier Miton Cautious Monthly Income Fund (“the Fund”) for the year ended 30 June 2026, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Unitholders, the Balance Sheet, the related notes and the Distribution Tables, and the accounting, distribution and risk policies of the Fund, which include a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • give a true and fair view of the financial position of the Fund as at 30 June 2026 and of the net revenue and the net capital gains on the scheme property of the Fund for the year then ended; and • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the “FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Fund’s ability to continue as a going concern. Other information The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Manager is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority (the “FCA”) In our opinion: • the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the FCA and the Trust Deed; and • there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and • the information given in the Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the FCA requires us to report to you if, in our opinion: • we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit. Responsibilities of the Manager As explained more fully in the Manager’s responsibilities statement set out on page 2, the Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to wind up or terminate the Fund or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 7

INDEPENDENT AUDITOR’S REPORT

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Fund and determined that the most significant are United Kingdom Generally Accepted Accounting Practice (UK GAAP), Investment Management Association’s Statement of Recommended Practice (IMA SORP), the FCA Collective Investment Schemes Sourcebook, the Fund’s Trust Deed and the Prospectus. • We understood how the Fund is complying with those frameworks through discussions with the Manager and the Fund’s administrators and a review of the Fund’s documented policies and procedures. • We assessed the susceptibility of the Fund’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s opportunity to influence revenue and amounts available for distribution. • Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved testing of journal entries, with a particular focus on manually posted entries and those journals reflecting large and unusual transactions. We also reviewed the reporting to the Manager with respect to the application of the documented policies and procedures and reviewed the financial statements to test compliance with the reporting requirements of the Fund. • Due to the regulated nature of the Fund, the Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities to identify non compliance with the applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the Fund’s unitholders, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the FCA. Our audit work has been undertaken so that we might state to the Fund’s unitholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Ernst & Young LLP Statutory Auditor Edinburgh 30 September 2026

Page 8

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

FUND INFORMATION Fund Information The Comparative Tables on pages 7 and 8 give the performance of each active unit class in the Fund. The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per unit divided by the opening net asset value per unit. It differs from the Fund's performance disclosed in the Manager's report which is calculated based on the latest published price. Portfolio transaction costs are incurred when investments are bought or sold by a fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Fund. Direct transaction costs include broker commission and taxes. Broker commission includes the fee to a broker to execute the trades and research costs. In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike units whereby broker commissions and stamp duty are paid by the Fund on each transaction, other types of investments (such as collective investment schemes, bonds, money instruments, derivatives) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment.

COMPARATIVE TABLES For the financial year ended 30 June 2026 Class B Income Units

2026 (pence per unit)

2025 (pence per unit)

2024 (pence per unit) Change in Net Asset Value Per Unit Opening net asset value per unit 126 . 34 125 . 04 116 . 20 Return before operating charges* 30 . 14 9 . 18 16 . 53 Operating charges (1.18) (1.07) (1.06)

Return after operating charges* 28 . 96 8 . 11 15 . 47 Distributions on income units (7.07) (6.81) (6.63)

Closing net asset value per unit 148 . 23 126 . 34 125 . 04

* after direct transaction costs of**: 0 . 28 0 . 33 0 . 25 Performance Return after charges 22 . 92% 6 . 49% 13 . 31% Other Information Closing net asset value (£'000) 203,024 112,015 80,245 Closing number of units 136,970,057 88,661,611 64,177,100 Operating charges† 0 . 83% 0 . 86% 0 . 88% Direct transaction costs 0 . 19% 0 . 27% 0 . 21% Prices Highest unit price 153 . 60 128 . 50 129 . 40 Lowest unit price 126 . 80 115 . 90 114 . 10

** Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transactions costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. † Operating charges, otherwise known as the OCF is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a Fund and is calculated based on the last period's figures. In line with the Investment Association “Disclosure of Fund Charges and Costs” circular published July 2020, the OCF quoted includes costs associated with investment in Packaged Retail and Insurance-based Investment Products (PRIIPs).

Page 9

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Class B Accumulation Units

2026 (pence per unit)

2025 (pence per unit)

2024 (pence per unit) Change in Net Asset Value Per Unit Opening net asset value per unit 208 . 60 195 . 72 172 . 43 Return before operating charges* 50 . 13 14 . 58 24 . 90 Operating charges (1.99) (1.70) (1.61)

Return after operating charges* 48 . 14 12 . 88 23 . 29

Distributions (11.91) (10.88) (10.05) Distributions on accumulation units 11 . 91 10 . 88 10 . 05

Closing net asset value per unit 256 . 74 208 . 60 195 . 72

* after direct transaction costs of**: 0 . 46 0 . 53 0 . 38 Performance Return after charges 23 . 08% 6 . 58% 13 . 51% Other Information Closing net asset value (£'000) 151,532 80,284 68,253 Closing number of units 59,020,814 38,487,355 34,872,181 Operating charges† 0 . 83% 0 . 86% 0 . 88% Direct transaction costs 0 . 19% 0 . 27% 0 . 21% Prices Highest unit price 260 . 90 208 . 60 197 . 70 Lowest unit price 208 . 20 186 . 10 168 . 60

FUND INFORMATION

COMPARATIVE TABLES continued For the financial year ended 30 June 2026

Page 10

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

SYNTHETIC RISK AND REWARD INDICATOR (SRRI)

1 2 3 4 5

T y pi ca ll y l o w e r r e w a r d s L o w e r r i s k

6 7

T y pi ca ll y hi g he r r e w a r d s H i g he r r i s k

The Fund is ranked as 4 because it has experienced medium rises and falls in value over the past five years. Please note that even the lowest ranking does not mean a risk-free investment. The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The SRRI remains the same from the last reporting period.

LEVERAGE

The Fund may use derivatives for the purposes of efficient portfolio management as part of its investment strategy which generates some leverage within the Fund. The Fund may use currency forward transactions to reduce the risk of adverse movements in the exchange rate in which it holds investments to its base currency. Since it typically holds denominated securities in a rage of currencies, these forward currency transactions may be extensive at certain points in time. In addition, the Fund may experience a small amount of leverage when using the permitted 10% of net asset value short-term borrowing facility used in the course of the routine settlement of positions. The maximum leverage of the Fund calculated using the ‘commitment leverage’ methodology has therefore been set at 50%. The maximum leverage of the Fund calculated using the ‘gross leverage’ methodology has been set at 100%. Leverage as at 30 June 202 6 (unaudited)

Commitment Leverage Gross Leverage Actual Max. Limit Actual Max. Limit 0 . 00% 50% 6 . 56% 100% During the financial year, the Fund has not employed any financial engineering structures, such as repurchase or reverse repurchase agreements, securities lending or borrowing, or cash borrowings and re-investment for the purpose of creating leverage. Nor has the Fund posted or received margin or collateral. The Fund has not granted any guarantees in relation to leveraging arrangements or any rights to reuse collateral.

INVESTMENT OBJECTIVE AND POLICY

The investment objective of the Premier Miton Cautious Monthly Income Fund is to achieve income and capital growth, over the long-term, being five years or more. Five years is also the minimum recommended term for holding units in this Fund. This does not mean that the Fund will achieve the objective over this, or any other, specific time period and there is a risk of loss to the original capital invested. The Fund aims to achieve its objective by investing in a diversified portfolio of global investments covering different assets which will include equities (company shares), fixed income (including bonds issued by governments and companies), cash and cash deposits. Exposure to investments in property and commodities will be indirect, for example through property company shares and exchange traded funds.

The Fund will maintain exposure to a broad spread of underlying assets, although the combined holdings in equities and fixed income will make up the largest part of the Fund. The exposure to those asset classes will typically be through direct investment in a range of individual bonds and equities. Collective investment schemes will be used if the desired exposure can be obtained more efficiently. In order to create a diversified portfolio, the Investment Manager will usually maintain a portfolio of at least 100 individual investments. The Fund may invest in derivatives and forward transactions (these are contracts whose value is based on the change in price of an underlying investment), for the purposes of efficient portfolio management including hedging (hedging is designed to offset the risk of another investment falling in price).

INVESTMENT REVIEW

PERFORMANCE Over the period, the Premier Miton Cautious Monthly Income Fund (Class B Accumulation units) rose 23.3% compared to the IA Mixed Investment 2060% Shares sector which returned 12.5%. Overall dividend distributions have increased again. This year by 3.9%, ahead of CPI inflation now running at 2.8%. Over the medium-term dividend growth remains ahead of inflation. The portfolio’s returns were driven by positive returns across the asset classes. In particular, equity returns were especially strong across the board. Technology, industrials, minerals and energy all made exceptional returns at different times during the year. Even the laggards made very good returns in what was a very strong period for equity markets. Although a relatively small position, the exposure to precious metals was also especially strong. Fixed income also had a good year. Short dated corporate bonds, particularly those issued by US companies with shorter maturity dates, performed well. Our small exposure to emerging market government bonds also contributed, supported by higher yields and stronger emerging market currencies. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics. The Fund is classified in the IA Mixed Investment 20-60% Shares sector, which we believe is a meaningful comparator to help investors assess the performance of the Fund. MARKET REVIEW Equity markets remained very strong during the period across most regions and sectors. The only real disappointments were China and India where we had very limited exposure. Other emerging markets were very strong as were most developed markets. Although there has been considerable focus on technology, particularly companies involved in the datacentre buildout, other notable sectors were materials (particularly gold and silver miners), energy and industrials. While there were periods of volatility the general upward trend in equity markets persisted. Commodities were also very strong, gold and silver having an exceptional run and energy benefitted from the supply shock from the Middle East. Most of the returns in bond markets came from the income with yields rising moderately leading to weaker returns from bonds with longer maturity dates. PORTFOLIO ACTIVITY Over the year, equity exposure remained broadly the same, regionally there was a considerable increase in US exposure, a smaller increase in Japanese exposure, while all other regions were reduced in order to fund these moves. At a sector level, technology increased over the year as did industrials and materials, while financials were reduced. More recently healthcare and consumer staples have been added to improve defensiveness and diversification.

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PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Commodity exposure has somewhat changed with the sale of the gold and silver ETCs (exchange traded commodities) with metals and agriculture ETCs increased to compensate. The strategy in fixed income remains unchanged, an emphasis on short to medium dated corporate bonds in sterling and US dollars and a small exposure to emerging market bonds for the additional income. OUTLOOK The situation in the Middle East has had a more muted effect on the global economy than first might have appeared likely. Despite hostilities being ongoing the global energy markets have proven resilient. Therefore, the impact on inflation has also been less than initially expected. While risks remain of further or more impactful disruption the market is now able to look through the issue. This leaves the main driver the strong underlying economic situation, driven by strong capital expenditure, albeit largely from the datacentre buildout. This is feeding through to many other areas of the world economy right across the supply chain. This has driven an exceptionally strong recovery from the Iran market lows in the early part of 2026. Given this background, and markets continuing to make new highs, it pays to be cautiously constructive. Downside risks remain, largely from inflation so we hold inflation beneficiaries in commodity areas to cover this risk and keep our bond portfolios relatively short dated. Our equity portfolio is now more highly diverse than before, with technology exposure blended with inflation beneficiaries and many more defensive stocks than before. The addition of these defensive companies, particularly consumer staples, has had a very favourable impact on the future income from the portfolio, leaving us very encouraged as to the income prospects for our investors. Source: Premier Portfolio Managers Limited, July 2026. The information provided and opinions expressed are those of the investment manager and can change. This information should not be interpreted as investment advice. Performance source: FE Analytics. Based on UK sterling, Class B Accumulation units, on a total return basis, to 30 June 2026. Performance is shown net of fees with income reinvested. Past performance is not a reliable indicator of future returns. Reference to any particular investment does not constitute a recommendation to buy or sell the investment. Please note that other unit classes are available which may have higher or lower charges which will impact the returns of the Fund. Fund factsheets are published on our website for each available unit class. The top ten purchases and sales during the year were as follows:

Purchases

Costs £'000 Intel 7,516 United Parcel Service 7,335 FedEx 6,339 Fortescue 6,244 Altria 6,145 WisdomTree Agriculture 6,043 Rio Tinto 6,007 Comfort Systems USA 5,092 Morgan Stanley 4,857 Jabil 4,784

Sales

Proceeds £'000 Invesco Physical Gold ETC 10,077 Intel 8,346 Altria 4,657 Repsol 4,599 Orlen 4,517 Lyondellbasell Industries 4,509 Microsoft 4,478 COSCO SHIPPING 4,464 Engie 4,380 Equinor 4,242

Total purchases during the year were 447,018

Total sales during the year were 305,352

Page 12

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

PORTFOLIO OF INVESTMENTS

As at 30 June 2026

Holding Investment

Market Value £ '000

Total Value of Fund %

BASIC MATERIALS 5.73% (1.21%) Chemicals 1.19% (0.00%) 80,000 Shin-Etsu Chemical 2,609 0 . 74 30,000 Sociedad Quimica y Minera de Chile 1,582 0 . 45 4,191 1.19 Industrial Metals & Mining 4.54% (0.00%) 200,000 Evraz 1 – 300,000 Fortescue 2,991 0 . 84 85,000 Mineral Resources 2,745 0 . 77 16,900 Mueller Industries 1,569 0 . 44 1,000,000 PLS 2,613 0 . 74 45,000 Rio Tinto 3,258 0 . 92 260,000 Vale 2,953 0 . 83 16,129 4.54

Precious Metals & Mining 0.00% (1.21%)

CONSUMER DISCRETIONARY 2.58% (4.57%)

Automobiles & Parts 0.00% (1.33%)

Consumer Services 0.00% (0.40%)

Media 0.00% (0.93%)

Retailers 2.58% (1.91%) 240,000 Carrefour 3,395 0 . 96 5,000 Fast Retailing 1,926 0 . 54 90,000 Ryohin Keikaku 1,482 0 . 42 23,000 Target 2,327 0 . 66 9,130 2.58

CONSUMER STAPLES 5.53% (2.63%)

Beverages 0.99% (0.00%) 56,000 Coca-Cola 3,496 0 . 99 3,496 0.99

Food Producers 2.42% (0.00%) 50,000 Archer-Daniels-Midland 2,903 0 . 82 200,000 Campbell's 3,477 0 . 98 120,000 Kraft Heinz 2,192 0 . 62 8,572 2.42

Tobacco 2.12% (2.63%) 70,000 Altria 3,916 1 . 10 130,000 Japan Tobacco 3,637 1 . 02 7,553 2.12

DEBT INSTRUMENTS 37.49% (34.06%) Brazilian Government Bond 0.98% (0.00%) BRL 2,200,000 Brazil Letras do Tesouro Nacional 0.00% 01/01/2030 2,016 0 . 57 BRL 2,100,000 Brazil Letras do Tesouro Nacional 0.00% 01/01/2032 1,467 0 . 41 3,483 0.98

Holding Investment

Market Value £‘000

Total Value of Fund %

Euro Denominated Bond 1.75% (2.29%) EUR 400,000 Banco de Sabadell FRN Perpetual 379 0 . 11 EUR 1,300,000 Credit Agricole EUR FRN Perpetual 1,189 0 . 34 EUR 1,600,000 Deutsche AG Bank EUR FRN Perpetual 1,485 0 . 42 EUR 1,200,000 Deutsche Bank FRN Perpetual 1,124 0 . 32 EUR 2,250,000 Intesa Sanpaolo Coco Convertible FRN Perpetual 1,982 0 . 56 6,159 1.75 Mexican Denominated Bond 0.86% (0.60%) MXN 40,000,000 Mexican Bonos Desarr Fixed Rate 7.50% 03/06/2027 1,737 0 . 49 MXN 30,000,000

Mexican Bonos Desarr Fixed Rate 8.50% 31/05/2029 1,317 0 . 37 3,054 0.86 South African Government Bond 1.62% (0.81%) ZAR 40,000,000 Republic of South Africa Government Bond 8.00% 31/01/2030 1,863 0 . 53 ZAR 40,000,000 Republic of South Africa Government Bond 7.00% 28/02/2031 1,785 0 . 50 ZAR 44,000,000 Republic of South Africa Government Bond 8.875% 28/02/2035 2,107 0 . 59 5,755 1.62 Sterling Denominated Bond 17.04% (16.40%) GBP 1,300,000 AA Bond 7.375% 31/07/2050 1,361 0 . 38 GBP 600,000 Admiral Group 8.50% 06/01/2034 686 0 . 19 GBP 2,000,000 Aldermore FRN 01/10/2035 1,998 0 . 56 GBP 2,500,000 AT&T 4.25% 01/06/2043 1,945 0 . 55 GBP 1,400,000 Aviva FRN 20/05/2058 1,454 0 . 41 GBP 1,411,000 AXA FRN Perpetual 1,411 0 . 40 GBP 2,150,000 Barclays FRN 14/11/2032 2,240 0 . 63 GBP 1,000,000 Barclays FRN Perpetual 1,035 0 . 29 GBP 1,000,000 Barclays Coco Convertible FRN Perpetual 1,062 0 . 30 GBP 1,000,000 BNP Paribas 5.75% 13/06/2032 1,026 0 . 29 GBP 2,300,000 British Telecommunications FRN 20/12/2083 2,430 0 . 69 GBP 1,000,000 BUPA Finance 4.125% 14/06/2035 878 0 . 25 GBP 1,500,000 BUPA Finance 6.625% 18/11/2045 1,492 0 . 42 GBP 1,500,000 Chesnara 4.75% 04/08/2032 1,417 0 . 40 GBP 1,200,000 Close Brothers 7.75% 14/06/2028 1,250 0 . 35 GBP 1,000,000 Credit Agricole FRN 09/11/2034 1,011 0 . 28 GBP 1,500,000 E.ON International Finance 6.375% 07/06/2032 1,594 0 . 45 GBP 1,800,000 Electricite de France 5.50% 17/10/2041 1,660 0 . 47 GBP 1,500,000 Engie 5.625% 03/04/2053 1,334 0 . 38 GBP 1,000,000 Ford Motor Credit 5.78% 30/04/2030 1,005 0 . 28 GBP 1,500,000 Ford Motor Credit 6.184% 29/08/2031 1,531 0 . 43 GBP 1,500,000 HSBC 6.00% 29/03/2040 1,474 0 . 42 GBP 2,500,000 HSBC Holdings FRN 16/11/2034 2,699 0 . 76 GBP 650,000 Intesa Sanpaolo 8.505% 20/09/2032 748 0 . 21 GBP 1,600,000 Investec FRN Perpetual 1,759 0 . 50 GBP 1,640,000 Just 6.875% 30/03/2035 1,678 0 . 47

Page 13

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

PORTFOLIO OF INVESTMENTS

As at 30 June 2026

Holding Investment

Market Value £‘000

Total Value of Fund %

Sterling Denominated Bond continued GBP 1,500,000 Legal & General Finance 5.875% 05/04/2033 1,582 0 . 45 GBP 1,700,000 Lloyds Banking Eire FRN Perpetual 1,758 0 . 50 GBP 1,200,000 Lloyds Banking Group FRN Perpetual 1,256 0 . 35 GBP 2,000,000 Lloyds Banking Group Coco Convertible FRN Perpetual 2,085 0 . 59 GBP 1,500,000 M&G FRN 20/10/2068 1,371 0 . 39 GBP 1,500,000 Orsted 5.375% 13/09/2042 1,330 0 . 37 GBP 1,000,000 OSB FRN 16/01/2030 1,086 0 . 31 GBP 1,600,000 Pension Insurance 5.625% 20/09/2030 1,594 0 . 45 GBP 750,000 Pension Insurance 8.00% 13/11/2033 822 0 . 23 GBP 750,000 Pension Insurance 6.875% 15/11/2034 773 0 . 22 GBP 750,000 Phoenix 5.867% 13/06/2029 760 0 . 21 GBP 1,000,000 Phoenix FRN 06/12/2053 1,090 0 . 31 GBP 1,500,000 RL Finance Bonds No. 4 FRN 07/10/2049 1,263 0 . 36 GBP 650,000 Rothesay Life 7.019% 10/12/2034 688 0 . 19 GBP 2,058,000 Rothesay Life FRN Perpetual 2,097 0 . 59 GBP 1,200,000 Shawbrook Group FRN Perpetual 1,280 0 . 36 GBP 429,592 Tesco Property Finance 4 5.801% 13/10/2040 430 0 . 12 GBP 1,000,000 Whitbread 5.50% 31/05/2032 988 0 . 28 60,431 17.04

US Denominated Bond 14.72% (13.77%) USD 400,000 Allstate FRN 15/08/2053 302 0 . 08 USD 1,000,000 Banco Bilbao Vizcaya Argentaria USD FRN Perpetual 824 0 . 23 USD 1,600,000 Banco Santander FRN Perpetual 1,315 0 . 37 USD 600,000 Barclays Luxembourg FRN Perpetual 477 0 . 13 USD 2,000,000 BNP Paribas France FRN Perpetual 1,593 0 . 45 USD 2,400,000 BNP Paribas Paris FRN Perpetual 1,851 0 . 52 USD 1,600,000 BNP Paribas SA FRN Perpetual 1,265 0 . 36 USD 1,500,000 Citigroup FRN Perpetual 1,154 0 . 33 USD 2,000,000 Cleveland-Cliffs 7.50% 15/09/2031 1,526 0 . 43 USD 1,000,000 Cleveland-Cliffs 7.375% 01/05/2033 756 0 . 21 USD 1,000,000 Credit Agricole FRN Perpetual 777 0 . 22 USD 1,500,000 Ecopetrol 8.375% 19/01/2036 1,219 0 . 34 USD 1,500,000 Enbridge FRN 01/03/2078 1,140 0 . 32 USD 2,000,000 Enbridge FRN 15/01/2083 1,546 0 . 44 USD 2,000,000 Energy Transfer 7.375% 01/02/2031 1,557 0 . 44 USD 2,000,000 First Quantum Minerals 8.625% 01/06/2031 1,574 0 . 44 USD 1,000,000 First Quantum Minerals 7.25% 15/02/2034 775 0 . 22 USD 1,000,000 FMC 5.65% 18/05/2033 674 0 . 19 USD 1,000,000 Ford Motor Credit 6.532% 19/03/2032 783 0 . 22 USD 1,500,000 Ford Motor Credit 6.50% 07/02/2035 1,166 0 . 33 USD 500,000 Freeport Indonesia 6.20% 14/04/2052 370 0 . 10 USD 1,500,000 General Motors 5.95% 01/04/2049 1,101 0 . 31 USD 2,500,000 Goldman Sachs FRN 21/01/2047 1,838 0 . 52 USD 1,250,000 HF Sinclair 6.25% 15/01/2035 985 0 . 28 USD 1,000,000 HSBC Holdings FRN Perpetual 772 0 . 22 USD 2,000,000 HSBC Holdings US FRN Perpetual 1,564 0 . 44

Holding Investment

Market Value £‘000

Total Value of Fund %

US Denominated Bond continued USD 800,000 Intesa Sanpaolo FRN 21/11/2033 701 0 . 20 USD 2,000,000 Murphy Oil 6.00% 01/10/2032 1,506 0 . 42 USD 2,000,000 Nomura FRN Perpetual 1,549 0 . 44 USD 1,750,000 Petroleos Mexicanos 6 . 50% 23/01/2029 1,351 0 . 38 USD 1,500,000 Petroleos Mexicanos 6 . 62 5% 15/06/2035 1,102 0 . 31 USD 2,000,000 SM Energy 7.00% 01/08/2032 1,524 0 . 43 USD 2,000,000 Societe Generale FRN Perpetual 1,589 0 . 45 USD 2,200,000 Societe Generale '144A' FRN Perpetual 1,812 0 . 51 USD 1,500,000 Societe Generale SA FRN Perpetual 1,242 0 . 35 USD 2,000,000 Societe Generale USD FRN Perpetual 1,503 0 . 42 USD 1,250,000 SoftBank 6.50% 10/04/2029 942 0 . 27 USD 1,500,000 SoftBank FRN 29/04/2061 1,089 0 . 31 USD 1,500,000 Standard Chartered FRN Perpetual 1,163 0 . 33 USD 750,000 Stellantis Finance US 2.691% 15/09/2031 485 0 . 14 USD 2,000,000 UBS FRN Perpetual 1,527 0 . 43 USD 1,000,000 UBS Group FRN Perpetual 871 0 . 25 USD 2,500,000 UBS Group AG FRN Perpetual 2,031 0 . 57 USD 750,000 VMED O2 UK Financing I 7.75% 15/04/2032 518 0 . 15 USD 1,000,000 YPF 8.25% 17/01/2034 790 0 . 22 52,199 14.72

US Government Bond 0.52% (0.19%) USD 2,000,000 US Treasury 4.00% 15/11/2035 1,470 0 . 41 USD 500,000 US Treasury 4.50% 15/05/2038 381 0 . 11 1,851 0.52

ENERGY 6.44% (6.06%)

Alternative Energy 1.21% (0.00%) 60,000 Enphase Energy 2,191 0 . 62 50,000 SolarEdge Technologies 2,091 0 . 59 4,282 1.21

Oil, Gas & Coal 5.23% (6.06%) 86,000 Enbridge 3,586 1 . 01 300,000 Exxaro Resources 2,804 0 . 79 235,000 Gibson Energy 3,642 1 . 03 994,000 New Hope 2,758 0 . 78 54,000 TC Energy 2,794 0 . 79 167,000 Vallourec SACA 2,959 0 . 83 18,543 5.23

FINANCIALS 13.11% (21.05%)

Banks 6.31% (9.08%) 220,000 Absa 2,267 0 . 64 145,000 Banco Bilbao Vizcaya Argentaria 2,722 0 . 77 30,000 BNP Paribas 2,624 0 . 74 650,000 China Merchants Bank 2,812 0 . 79 240,000 HSBC 3,474 0 . 98 700,000 Intesa Sanpaolo 3,599 1 . 02 120,000 Powszechna Kasa Oszczednosci Bank Polski 2,488 0 . 70

Page 14

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

PORTFOLIO OF INVESTMENTS

As at 30 June 2026

Holding Investment

Market Value £‘000

Total Value of Fund %

Banks continued 160,000 Standard Bank 2,368 0 . 67 22,354 6.31

Commodities 3.29% (3.81%) 1,300,000 WisdomTree Agriculture 5,937 1 . 68 400,000 WisdomTree Industrial Metals 5,713 1 . 61 11,650 3.29 Equity Investment Instruments 0.00% (0.24%)

Finance & Credit Services 0.00% (1.63%)

Financial Services 0.32% (1.02%) 160,000 Jse 1,149 0 . 32 1,149 0.32 Investment Banking & Brokerage Services 0.90% (0.91%) 20,000 Morgan Stanley 3,200 0 . 90 3,200 0.90

Life Insurance 0.94% (1.42%) 1,300,000 China Life Insurance 3,339 0 . 94 3,339 0.94

Non-life Insurance 0.37% (1.61%) 100,000 Powszechny Zaklad Ubezpieczen 1,312 0 . 37 1,312 0.37 Real Estate Investment Trusts 0.98% (1.33%) 230,000 Starwood Property Trust 2,946 0 . 83 600,000 Supermarket Income REIT 527 0 . 15 3,473 0.98

HEALTH CARE 4.59% (0.81%) Medical Equipment & Services 0.00% (0.81%)

Pharmaceuticals & Biotechnology 4.59% (0.00%) 85,000 Bayer 3,456 0 . 98 130,000 GSK 2,600 0 . 73 15,300 Johnson & Johnson 2,987 0 . 84 40,000 Merck 3,910 1 . 10 180,000 Pfizer 3,315 0 . 94 16,268 4.59

INDUSTRIALS 10.27% (13.87%)

Aerospace & Defence 0.86% (3.60%) 210,000 Rolls-Royce 3,046 0 . 86 3,046 0.86

Construction & Materials 2.02% (3.12%) 23,500 ACS 2,595 0 . 73 23,500 ACS Rights 38 0 . 01 2,000 Comfort Systems USA 2,942 0 . 83

Holding Investment

Market Value £‘000

Total Value of Fund %

Construction & Materials continued 2,591 EMCOR 1,594 0 . 45 7,169 2.02 Electronic & Electrical Equipment 0.82% (0.44%) 100,000 Fujikura 2,900 0 . 82 2,900 0.82

General Industrials 0.87% (3.10%) 3,000,000 CITIC 3,067 0 . 87 3,067 0.87

Industrial Engineering 1.43% (2.03%) 270,000 Azbil 2,159 0 . 61 85,000 Fanuc 2,908 0 . 82 5,067 1.43 Industrial Support Services 0.93% (0.00%) 110,000 Secom 3,305 0 . 93 3,305 0.93

Industrial Transportation 3.34% (1.58%) 245,000 BW LPG 3,266 0 . 92 14,000 FedEx 3,439 0 . 97 11,000 Fedex Freight 1,247 0 . 35 48,000 United Parcel Service 3,916 1 . 10 11,868 3.34 REAL ESTATE 0.00% (0.62%) Real Estate Investment & Services Development 0.00% (0.62%)

TECHNOLOGY 7.84% (4.90%) Software & Computer Services 1.55% (3.16%) 8,000 Alphabet 2,136 0 . 60 32,000 Intel 3,372 0 . 95 5,508 1.55 Technology Hardware & Equipment 6.29% (1.74%) 30,000 Advantest 4,514 1 . 27 40,000 Amkor Technology 2,487 0 . 70 16,000 Apple 3,405 0 . 96 19,211 Cisco Systems 1,707 0 . 48 6,000 Fabrinet 2,396 0 . 68 10,000 Jabil 2,821 0 . 80 7,260 Taiwan Semiconductor Manufacturing 2,496 0 . 71 12,000 TD Synnex 2,447 0 . 69 22,273 6.29

TELECOMMUNICATIONS 1.37% (2.48%) Mobile Telecommunications 0.90% (0.80%) 3,100,000 Vodafone 3,176 0 . 90 3,176 0.90

Page 15

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

PORTFOLIO OF INVESTMENTS

As at 30 June 2026

Holding Investment

Market Value £‘000

Total Value of Fund %

Technology Hardware & Electronics 0.00% (0.87%)

Telecommunications Service Providers 0.47% (0.81%) 240,000 Vodacom 1,668 0 . 47 1,668 0.47

UTILITIES 4.68% (2.90%)

Electricity 3.62% (1.88%) 65,000 Edison International 3,704 1 . 04 420,000 Enel 3,674 1 . 04 200,000 Iberdrola 3,799 1 . 07 130,000 Redeia 1,667 0 . 47 12,844 3.62 Gas, Water & Multi-utilities 1.06% (1.02%) 300,000 National Grid 3,764 1 . 06 3,764 1.06 FORWARD CURRENCY CONTRACTS 0.04% (0.31%) USD (35,000,000)

Sold USD, Bought GBP 26,588,277 for settlement on 27/07/2026 144 0 . 04 144 0.04

Total Value of Investments 353,372 99.67 Net Other Assets 1,184 0 . 33 Total Net Assets 354,556 100.00

Figures in brackets represent sector distribution at 30 June 2025. Securities are admitted to an official stock exchange listing or traded on another regulated market unless otherwise stated. 1 Securities have been valued at the Manager’s best assessment of their fair and reasonable value.

Page 16

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

STATEMENT OF TOTAL RETURN

For the year ended 30 June 2026

30/06/26 30/06/25 Notes £'000 £'000 £'000 £'000 Income Net capital gains 4 39,937 3,277 Revenue 5 16,220 10,961

Expenses 6 (2,244) (1,482) Interest payable and similar charges (12) (6)

Net revenue before taxation 13,964 9,473 Taxation 7 (1,740) (1,325)

Net revenue after taxation 12,224 8,148

Total return before distributions 52,161 11,425

Distributions 8 (14,017) (9,424) Change in net assets attributable to unitholders from investment activities 38,144 2,001

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS

For the year ended 30 June 2026

30/06/26 30/06/25 Note £'000 £'000 £'000 £'000 Opening net assets attributable to unitholders 192,299 156,153 Amounts receivable on issue of units 175,073 69,695 Amounts payable on cancellation of units (57,070) (39,880) 118,003 29,815 Change in net assets attributable to unitholders from investment activities 38,144 2,001 Retained distributions on accumulation units 8 6,110 4,330 Closing net assets attributable to unitholders 354,556 192,299

BALANCE SHEET

As at 30 June 2026

30/06/26 30/06/25 Notes £'000 £'000 ASSETS Fixed assets:

Investments 353,372 183,580

Current assets: Debtors 9 9,646 6,189 Cash and bank balances 10 3,124 5,420 Total assets 366,142 195,189

LIABILITIES

Creditors:

Bank overdrafts 11 (108) (15) Distribution payable on income units 8 (2,830) (1,708) Other creditors 12 (8,648) (1,167) Total liabilities (11,586) (2,890) Net assets attributable to unitholders 354,556 192,299

The notes on pages 16 to 24 are an integral part of these financial statements. On behalf of Premier Portfolio Managers Limited.

Gregor Craig Nicola Stronach Director (of the Manager) Director (of the Manager) 30 September 2026

Page 17

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

NOTES TO THE FINANCIAL STATEMENTS

1. STATEMENT OF COMPLIANCE The Financial Statements have been prepared in compliance with UK Financial Reporting Standard 102 (FRS 102) and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Association in May 2014 (2014 SORP) and amended on June 2017.

2. SUMMARY OF SIGNIFICANT 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 United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The Financial Reporting Standard Applicable in the UK and Republic of Ireland “FRS 102”), and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Association in May 2014 (‘the 2014 SORP’) and amended in June 2017 . The Financial Statements are prepared on a going concern basis. The Manager has made an assessment of the Fund’s ability to continue as a going concern, and is satisfied they have the resources to continue in business for the foreseeable future and is not aware of any material uncertainties that may cast significant doubt on this assessment. This assessment covers the period of at least twelve months from the date of issue of these Financial Statements and considers liquidity, declines in global capital markets, known redemption levels, expense projections and key service provider's operational resilience. There have been no changes in the accounting policies as detailed in the audited financial statements for the year ended 30 June 2026.

Investments Recognition and Valuation The provisions of both Section 11 and Section 12 of FRS 102 have been applied in full by the Fund. All investments have been designated as fair value through profit and loss and recognised initially at fair value, which is normally the transaction price (excluding transaction costs and accrued interest).

Functional and Presentation Currency The functional and presentation currency of the Fund is Sterling.

Revenue Recognition Dividends, including ordinary stock dividends, from equity investments are recognised when the security is quoted ex dividend. Distributions from collective investment schemes are recognised when the scheme is priced ex-distribution. Bank interest, coupons from debt securities and coupons from structured products, underwriting commission and other revenue are recognised on an accruals basis. Revenue from derivatives is recognised on an accruals basis. Overseas revenue received after the deduction of withholding tax is shown gross of taxation, with the taxation consequences shown within the taxation charge.

Treatment of Investment Returns Both motive and circumstances are used to determine whether any investment returns should be treated as capital or revenue.

Where positions are undertaken to protect or enhance capital, and the circumstances support this, the returns are recognised in net capital gains; similarly where the motives are to generate or protect revenue, and the circumstances support this, the returns are included within net revenue before taxation. Where positions generate total returns it will generally be appropriate to apportion such returns between capital and revenue to properly reflect the nature of the transaction. Normally, any increases or decreases in the fair value of investments and gains and losses realised on sales of investments are treated as capital and recognised in net capital gains. Ordinary equity dividends, including ordinary stock dividends are treated as revenue. Special dividends are recognised as either revenue or capital depending upon the nature and circumstances of the dividend. Accumulation of revenue relating to accumulation units or shares held in collective investment schemes is recognised as revenue and included in the amount available for distribution. Equalisation received from distributions or accumulations on units or shares in collective investment schemes is treated as capital and deducted from the cost of the investment. In the case of debt securities, the total revenue arising includes the amortisation of any premium or discount at the time of purchase and is spread over the life of the debt security, using the effective interest rate method. The ordinary element of stock dividends received in lieu of cash dividends is recognised as revenue of the Fund. Any enhancement above the cash dividend is treated as capital. Where appropriate, certain permitted transactions such as derivatives or forward foreign currency transactions are used for efficient portfolio management. The treatment of the return on these derivative contracts depends upon the nature of each particular transaction and may be treated as capital or revenue.

Expenses For accounting purposes, all expenses are charged against capital for the year on an accruals basis.

Distributions Amounts distributable are calculated after excluding expenses borne by capital as agreed by the Manager and Trustee. Equalisation received from distributions or accumulations on units or shares in collective investment schemes is treated as capital and deducted from the cost of the investment. All distributions unclaimed for a period of six years after having become due for payment shall be forfeited and shall revert to the capital of the Fund. The Fund will pay dividend distributions.

Valuations The methods for determining fair value for the principal classes of investment are: At the end of the reporting period, all investments have been measured at their fair value using the prices determined at 12 noon, being the last valuation point of the accounting period, as this is not materially different from a valuation carried out at close of business on the balance sheet date. Equities and debt securities which are traded on an active market are included at the quoted price, which is normally the bid price, excluding any accrued interest in respect of bonds. Listed investments are valued at quoted bid prices. Delisted and unquoted investments are shown at the Manager’s best estimate of their fair and reasonable value.

Page 18

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Over the counter derivatives are included at a fair value provided by an independent price provider. The fair value of dual priced collective investment schemes managed by the Manager is their cancellation price and the fair value of dual priced collective investment schemes which are managed by other management groups is their bid price. The fair value of all single priced collective investment schemes is their single price, taking account of any agreed redemption charges.

Foreign Currencies Assets and liabilities in currencies other than sterling are translated into sterling at the exchange rates prevailing at 12 noon on the last working day of the accounting period. Transactions in foreign currencies are translated at the exchange rate prevailing at the transaction date. Where forward positions in currencies are held, these are translated at the appropriate forward rate. Any resulting exchange differences in these forward positions are disclosed in ‘Net capital gains’ on investments in the Statement of Total Return.

Taxation Corporation tax has been provided for at a rate of 20%. Deferred tax is provided in respect of timing differences that have originated but have not been reversed at the balance sheet date. Deferred tax assets are recognised only to the extent that they are more likely than not to be recoverable. Withholding tax on overseas dividends is accounted for when the security is quoted ex dividend.

Efficient Portfolio Management Where appropriate, certain permitted transactions such as derivatives or forward foreign currency transactions are used for efficient portfolio management. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in ‘Revenue’ or ‘Expenses’ in the Statement of Total Return. Where such transactions are used to protect or enhance capital, the gains and losses derived therefrom are included in ‘Net capital gains’ in the Statement of Total Return. Any positions on such transactions open at the year ‐ end are reflected in the Fund’s Portfolio of Investments at their fair value.

3. RISK MANAGEMENT FRAMEWORKS The Manager has a documented risk management framework which details the processes and procedures used to identify, measure, manage and monitor appropriately all risks to which the Fund is or may be exposed. The risks covered by the framework include market risk, liquidity risk, credit/ counterparty risk, operational risk and any other risks that might be material to the Fund. The first three risks are primarily focused on the investment itself while operational risk refers to the risk of loss arising from inadequate or failed processes, people or systems including attempted fraud. The risk framework details: • the techniques, tools and arrangements including systems and processes used; • the content and frequency of reports; and • the allocation of responsibilities between key staff and departments. The main risk management system used by the Manager is fully integrated with the position keeping system for the Fund and is used to measure and monitor market risk, credit/counterparty risk and liquidity risk. A separate system is maintained to track instances of operational risk and monitor amendments to controls made seeking to ensure that operational risk errors do not re-occur.

The Manager has a formal structure of oversight committees who review the risk profile, including market, credit, operational and liquidity risks, of the Fund and the Fund’s compliance with its published objectives on a regular basis. As part of its governance processes, the Manager reviews the performance of the risk management framework and its associated arrangements, processes, systems and techniques on an annual basis, and the compliance of the Fund with the risk management framework. The risk management framework is updated by the Manager following any significant change in the business or in risk exposures and at least annually. It is also reviewed by the Trustee.

Market Risk Market risk is the risk of loss arising from fluctuations in the market value of investments held by the Fund attributable to changes in market variables, such as equity prices, foreign exchange rates, interest rates or the credit worthiness of an issuer. The risk management framework monitors the levels of market risk to which the Fund is exposed in relation to the Fund investment objective and policy. A series of hard (strictly enforced) and soft (warning) limits are employed to ensure the Fund stays within its published mandate. The risk systems provide a range of risk analytical tools, including sensitivities to relevant market risks, Value at Risk and stress testing, and incorporate the impact of changes to positions in real time. In addition to risk analytics, the risk system has an integrated risk limit and regulatory compliance function which performs checks on many potential trades prior to the Fund executing them and on the Fund exposures on a daily basis. Market risk can be augmented by the use of leverage.

Leverage Leverage is measured using gross leverage and global exposure (the commitment approach). The commitment approach is suitable for funds investing in traditional asset classes such as equities, fixed income, money market securities and collective investment schemes. It can also be used for funds using derivatives in a simple manner and investing in instruments with embedded derivatives where no additional leverage is created. The commitment approach measures the incremental exposure of each derivative calculated by converting it into the market value of an equivalent position in the underlying asset of that derivative or forward transaction. The Manager may in some instances, and always following the guidelines set by the regulator, take account of legally enforceable netting and hedging arrangements when calculating global exposure where these arrangements do not disregard any obvious or material risks.

Liquidity Risk Liquidity risk is the possibility that the Fund will not be able to sell its assets without incurring losses within the timeframe required to meet investor redemptions. The asset liquidity profile of each Fund is monitored on a regular basis and compared to both historical investor redemption patterns and potential redemption scenarios, with the aim of ensuring that the Fund will be able to meet any actual redemptions in a timely manner. The liquidity risk management process includes an assessment of the market turnover, percentage of an issue held by the Fund, credit rating of the issuer, length of time since issue and/or the buy-sell spread of the market in the securities held where the information is available and is applicable. Liquidity profile stress tests under both normal and exceptional conditions are conducted on a regular basis. If market liquidity is perceived to be decreasing, the Manager might seek to take any of the following actions to improve the liquidity profile of a Fund: maintain higher cash balances; maintain a greater proportion of assets in securities which are traditionally more liquid; diversify the range of issue types and sizes held; hold shorter dated securities; or hold issues with a more diverse unitholder base.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued Valuations continued

Page 19

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Credit Risk Credit risk comprises both credit issuer risk and counterparty risk. Credit issuer risk is the potential for loss arising from the issuer of a security failing to pay interest and principal in a timely manner. Counterparty risk is the potential for loss arising from the failure of a trading counterparty to honour an obligation to the Fund. The Funds manages credit issuer risk as a component of market risk.

Counterparty Risk Counterparty risk arises primarily with the financial brokers through whom the Fund buys and sells securities. The Fund may only transact with brokers from an approved broker list maintained by the Manager, unless Director level approval has been obtained for a specific transaction. All brokers on the Manager approved list are subject to regular credit and general business checks. The Fund may also be exposed to counterparty risks arising from the use of forward currency instruments, usually transacted to decrease exposure to foreign currency. These risks are monitored daily and are subject to limits, in practice they are for small amounts typically less than 0.1% of the fund assets.

Derivatives The Fund holds forward currency contracts to hedge currency exposure. Counterparty risk arising from the use of the forward currency contracts is not extensive and the Fund does not post or manage collateral. The Fund does not employ significant leverage (as defined by the regulations). The Fund uses the commitment method to calculate global exposure in preference to the VaR method and therefore, although VaR is calculated for internal purposes, it does not form part of the formal limits structure for the Fund and no details are provided here.

4. NET CAPITAL GAINS 30/06/26 30/06/25 £'000 £'000 Non-derivative securities* 41,773 2,363 Forward currency contracts (2,367) 1,178 Other currency gains/(losses) 550 (253) Derivative charges (1) (1) Transaction charges (18) (10) Net capital gains 39,937 3,277

* Includes realised gains of £34,398,714 of and unrealised gains of £7,374,351 ( 202 5 : realised losses of £101,237 of and unrealised gains of £2,464,124). The realised gains/(losses) on investments in the accounting period includes amounts previously recognised as unrealised gains/(losses) in the prior accounting period.

5. REVENUE 30/06/26 30/06/25 £'000 £'000 Bank interest 102 85 Franked PID revenue – 60 Franked stock dividends – 33 Franked UK dividends 1,080 988 Interest on debt securities 6,889 4,155 Overseas dividends 8,109 5,346 Unfranked PID revenue 40 294 16,220 10,961

6. EXPENSES 30/06/26 30/06/25 £'000 £'000 Payable to the Manager , associates of the Manager and agents of either of them: Manager's periodic charge 2,047 1,300 2,047 1,300

Payable to the Trustee, associates of the Trustee and agents of either of them: Trustee's fees 27 15 Safe custody fees 35 17 62 32

Other expenses: Administration fees 1 1 Auditor's remuneration 12 13 Electronic messaging fees 37 24 Legal fees 1 Printing fees 10 14 Registration fees 47 85 Taxation fees 27 13 135 150 Total expenses 2,244 1,482

Irrecoverable VAT is included in the above expenses where relevant.

3. RISK MANAGEMENT FRAMEWORKS continued

Page 20

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

7. TAXATION (a) The tax charge comprises:

30/06/26 30/06/25 £'000 £'000 Current tax: Corporation tax 987 632 Double taxation relief (22) (16) Overseas capital gains tax (2) 90 Overseas withholding tax 773 604 Prior year adjustment – 12 Stock dividends – 3

Total current tax (note 7 (b)) 1,736 1,325 Deferred tax (note 7 (c)) 4 –

Total taxation 1,740 1,325

(b) Factors affecting the tax charge for the year: The tax charge for the year differs from the special 20% rate of corporation tax applicable to Unit Trusts. The differences are explained below:

30/06/26 30/06/25 £'000 £'000 Net revenue before taxation 13,964 9,473

13,964 9,473 Return on ordinary activities multiplied by the special rate of corporation tax of 20% (2025: 20%) 2,793 1,895 Effects of: Double taxation relief (23) (16) Franked UK dividends and distributions not subject to taxation (216) (216) Non-taxable overseas dividends (1,575) (1,055) Overseas capital gains tax (2) 90 Overseas withholding tax 773 604 Prior year adjustment – 12 Taxation due to timing differences (14) 8 Tax on stock dividends – 3 Total tax charge (note 7 (a)) 1,736 1,325 (c) Deferred tax Provision at the start of the year – Deferred tax charge in the year 4 Provision at the end of the year 4 –

Factors that may affect the future tax charge: The Fund has not recognised a deferred tax asset of £ nil ( 202 5 : £ nil ) arising as a result of having unutilised management expenses.

8. DISTRIBUTIONS The distributions take into account revenue received on the issue of units and revenue deducted on the cancellation of units, and comprises: 30/06/26 30/06/25 £'000 £'000 First monthly distribution 414 292 First monthly accumulation 291 270 Second monthly distribution 430 295 Second monthly accumulation 298 298 Third monthly distribution 449 299 Third monthly accumulation 307 297 Fourth monthly distribution 470 303 Fourth monthly accumulation 325 297 Fifth monthly distribution 487 305 Fifth monthly accumulation 337 270 Sixth monthly/interim distribution 509 317 Sixth monthly/interim accumulation 355 278 Seventh monthly distribution 530 331 Seventh monthly accumulation 364 275 Eighth monthly distribution 547 331 Eighth monthly accumulation 392 268 Ninth monthly distribution 566 348 Ninth monthly accumulation 405 266 Tenth monthly distribution 591 365 Tenth monthly accumulation 422 262 Eleventh monthly distribution 612 378 Eleventh monthly accumulation 439 266 Final distribution 2,830 1,708 Final accumulation 2,175 1,283 14,545 9,602

Add: Revenue deducted on cancellation of units 349 166 Deduct: Revenue received on issue of units (877) (344) Net distributions for the year 14,017 9,424 Interest payable and similar charges 12 6 14,029 9,430

The difference between the net revenue after taxation and the amounts distributed comprises: Net revenue after taxation 12,224 8,148 Expenses offset against capital 2,242 1,572 Tax relief on expenses transferred to capital (449) (296) Distributions 14,017 9,424

Page 21

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

9. DEBTORS

30/06/26 30/06/25 £'000 £'000 Accrued revenue 3,537 1,651 Amounts receivable for issue of units 2,505 1,055 Overseas tax recoverable 532 479 Sales awaiting settlement 3,072 3,004 9,646 6,189

10. CASH AND BANK BALANCES

30/06/26 30/06/25 £'000 £'000 Sterling 3,098 5,383 Overseas balances 26 37 3,124 5,420

11. BANK OVERDRAFTS 30/06/26 30/06/25 £'000 £'000 Sterling 83 US dollar 25 15 108 15

12. OTHER CREDITORS 30/06/26 30/06/25 £'000 £'000 Accrued expenses 264 159 Amounts payable for cancellation of units 4,445 697 Corporation tax payable 498 306 Currency deals awaiting settlement 1 5 Deferred tax 4 Purchases awaiting settlement 3,436 8,648 1,167

13. RELATED PARTIES The Manager is regarded as a related party to the Fund because it provides key management personnel services to the Fund. The Ultimate controlling party of the Manager is Premier Miton Group Plc. Subsidiaries of Premier Miton Group Plc along with any Directors and persons closely associated to the Directors of either Premier Miton Group Plc or its subsidiaries are also considered related parties to the Fund. Premier Portfolio Managers Limited acts as the principal on all the transactions of the units of the Fund. The aggregate monies received by the Manager through the issue of units and paid on cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders on page 15. Fees received by the Manager from the Fund including any rebates paid by the Manager to the Fund are shown within notes 4, 5 and 6. Any equalisation amounts that relate to creations and cancellation of units are shown within note 8. The balance due to the Manager at the year end in respect of management fees was £221,197 (2025: £117,520). Any outstanding fees or amounts outstanding on creations and cancellation of units in the Fund, or any rebates receivable by the Fund from the Manager are shown within notes 9 and 12.

At the year end, Premier Fund Managers Limited and Directors of the Manager, in aggregate held 0.01% (2025: 0.00%) of the Fund's units in issue. 14. CONTINGENT LIABILITIES AND COMMITMENTS There were no contingent liabilities or outstanding commitments at the balance sheet date ( 202 5 : £nil).

15. FINANCIAL INSTRUMENTS In pursuing the Fund’s investment objective, the main risks arising from the Fund’s financial instruments are market price, currency, interest rate, liquidity, credit and counterparty risk.

Market Price Risk Risk management policies surrounding this risk are discussed in note 3 on page 17. At 30 June 202 6 , if the price of the investments held by the Fund increased or decreased by 5%, with all other variables remaining constant, then the net assets attributable to unitholders would increase or decrease by approximately £ 17,668,612 ( 202 5 : £ 9,179,014 ).

Currency Risk In addition to cash and bank balances, the Fund held a number of investments denominated in foreign currency at the balance sheet date. In addition, there was some foreign currency exposure within the Fund’s holdings of collective investment schemes where their assets are denominated in currencies other than sterling, with the effect that their balance sheet and total returns can be affected by exchange rate fluctuations. Forward currency contracts can be used to reduce the exposure of exchange rate movements in the assets of the holdings in collective investment schemes.

Currency exposure as at 30 June 2026

Currency

Portfolio of investments £'000

Forward currency contracts £'000

Net other assets £'000

Total £'000

Total exposure % Australian dollar 11,107 – – 11,107 3 . 13 Brazilian real 3,483 – – 3,483 0 . 98 Canadian dollar 7,228 – 48 7,276 2 . 05 Euro 36,687 – 680 37,367 10 . 54 Hong Kong dollar 9,218 – 3,280 12,498 3 . 53 Japanese yen 25,440 – 66 25,506 7 . 19 Mexican peso 3,055 – 16 3,071 0 . 87 Norwegian krone 3,266 – – 3,266 0 . 92 Polish zloty 3,800 – 40 3,840 1 . 08 South African rand 16,012 – 165 16,177 4 . 56 US dollar 153,659 (26,445) (2,178) 125,036 35 . 27

272,955 (26,445) 2,117 248,627 70.12 Sterling 80,273 26,589 (933) 105,929 29 . 88 Total 353,228 144 1,184 354,556 100.00

Page 22

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Currency exposure as at 30 June 2025

Currency

Portfolio of investments £'000

Forward currency contracts £'000

Net other assets £'000

Total £'000

Total exposure % Canadian dollar 2,928 – 20 2,948 1 . 53 Euro 28,019 – 1,582 29,601 15 . 40 Hong Kong dollar 13,813 – 1,326 15,139 7 . 87 Japanese yen 7,422 – 3 7,425 3 . 86 Mexican peso 1,152 – 6 1,158 0 . 60 Norwegian krone 1,563 – – 1,563 0 . 81 Polish zloty 3,467 – – 3,467 1 . 80 South African rand 5,778 – 603 6,381 3 . 32 South Korean won 5,706 – 5 5,711 2 . 97 US dollar 62,055 (36,486) 532 26,101 13 . 58

131,903 (36,486) 4,077 99,494 51.74 Sterling 51,087 37,076 4,642 92,805 48 . 26

Total 182,990 590 8,719 192,299 100.00

At 30 June 202 6 , if the value of sterling increased or decreased by 1% against all currencies, with all other variables remaining constant, then the net assets attributable to unitholders would increase or decrease by approximately £2,486,260 (2025: £994,933).

Interest Rate Risk The interest rate risk profile of the Fund’s financial assets and liabilities at the balance sheet date was:

Interest rate exposure as at 30 June 2026

Currency

Fixed rate financial assets & liabilities £'000

Floating rate financial assets & liabilities 1 £'000

Non interest bearing financial assets & liabilities £'000

Total £'000

Weighted average fixed interest rate 2 %

Weighted average period for which rate is fixed years Australian dollar – – 11,107 11,107 – Brazilian real 3,483 – – 3,483 – 4 . 35 Canadian dollar – – 7,276 7,276 – Euro – 6,159 31,208 37,367 – Hong Kong dollar – – 12,498 12,498 – Japanese yen – – 25,506 25,506 – Mexican peso 3,055 – 16 3,071 7 . 44 1 . 79 Norwegian krone – – 3,266 3,266 – Polish zloty – – 3,840 3,840 – South African rand 5,756 – 10,421 16,177 7 . 95 5 . 79 US dollar 22,555 31,495 70,986 125,036 6 . 52 7 . 64

34,849 37,654 176,124 248,627 Sterling 30,044 33,401 42,484 105,929 5 . 92 10 . 60 Total 64,893 71,055 218,608 354,556

15. FINANCIAL INSTRUMENTS continued

Currency Risk continued

Page 23

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Interest rate exposure as at 30 June 2025

Currency

Fixed rate financial assets & liabilities £'000

Floating rate financial assets & liabilities 1 £'000

Non interest bearing financial assets & liabilities £'000

Total £'000

Weighted average fixed interest rate 2 %

Weighted average period for which rate is fixed years Canadian dollar – – 2,948 2,948 – Euro – 4,405 25,196 29,601 – Hong Kong dollar – – 15,139 15,139 – Japanese yen – – 7,425 7,425 – Mexican peso 1,152 – 6 1,158 8 . 40 2 . 93 Norwegian krone – – 1,563 1,563 – Polish zloty – – 3,467 3,467 – South African rand 1,565 – 4,816 6,381 8 . 63 5 . 11 South Korean won – – 5,711 5,711 – US dollar 10,774 (20,356) 35,683 26,101 6 . 32 7 . 34

13,491 (15,951) 101,954 99,494 Sterling 10,620 63,357 18,828 92,805 5 . 98 9 . 27

Total 24,111 47,406 120,782 192,299

1 Floating rate financial assets include bank balances, on which interest is calculated at a variable rate by reference to sterling bank deposit rates or the international equivalent. 2 The ‘weighted average fixed interest rate’ is based on the redemption yield of each asset, weighted by their market value.

At 30 June 2026, if interest rates increased or decreased by 1% against all debt securities, with all other variables remaining constant, then the net assets attributable to unitholders would increase or decrease by approximately £9,021,826 (2025: £4,681,964).

Liquidity Risk Risk management policies surrounding this risk are discussed in note 3 on page 17.

Credit Risk Risk management policies surrounding this risk are discussed in note 3 on page 17. The portfolio at the year end has been analysed into the credit ratings as shown below:

Credit Risk

30/06/26 £'000

30/06/25 £'000 Below investment grade securities 45,130 26,955 Investment grade securities 86,522 36,514 Other investments 220,440 118,057 Unrated securities 1,280 2,054 353,372 183,580 Counterparty Risk The types of derivatives held at the balance sheet date were forward foreign exchange contracts. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the balance sheet date was as follows:

Counterparty Name

30/06/26 £'000

30/06/25 £'000 Forward Currency Contracts Barclays Bank 144 NatWest – 590 Total 1 144 590 1 Net exposure represents the mark to market value of derivative contracts less any cash collateral held. Positive exposure represents the Fund’s exposure to that counterparty.

Fair Value of Financial Assets and Financial Liabilities There is no material difference between the carrying values and the fair values of the financial assets and liabilities of the Fund disclosed in the balance sheet where applicable.

Valuation technique as at 30 June 2026

Level 1 £'000

Level 2 £'000

Level 3 £'000

Total £'000

Assets Collective Investment Schemes 12,177 – – 12,177 Debt Securities 1,851 131,081 – 132,932 Equities 208,119 – – 208,119 Forward Currency Contracts – 144 – 144 222,147 131,225 – 353,372

15. FINANCIAL INSTRUMENTS continued

Interest Rate Risk continued

Page 24

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

Valuation technique as at 30 June 2025

Level 1 £'000

Level 2 £'000

Level 3 £'000

Total £'000

Assets Collective Investment Schemes 8,192 468 – 8,660 Debt Securities 367 65,156 – 65,523 Equities 108,807 – – 108,807 Forward Currency Contracts – 590 – 590 117,366 66,214 – 183,580

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). Derivatives and Forward Transactions Derivatives and forwards transactions comprise forward foreign currency contracts. Forward foreign currency contracts are used to manage currency risk arising from investing in overseas securities. Open positions at the balance sheet date, are disclosed as either ‘Investment Assets’ or ‘Investment Liabilities’ in the balance sheet. Unrealised gain/ (losses) on forward foreign exchange transactions are taken to capital. The value of these investments may fluctuate significantly. The investment manager may use other derivative instruments to hedge the investment portfolio against risk.

16. SHARE CLASSES The Fund currently has two types of unit. The AMC on each unit class is as follows:

Class B Income & Accumulation Units 0 . 75%

The following table shows the units in issue during the year:

Class B Units Income Accumulation Opening Units 88,661,611 38,487,355 Units Created 65,843,335 33,816,906 Units Liquidated (17,748,524) (13,155,612) Units Converted 213,635 (127,835) Closing Units 136,970,057 59,020,814 The net asset value, the net asset value per unit and the number of units in issue are given in the Fund Information on pages 7 to 8. All unit classes have the same rights on winding up. The taxation and income are apportioned equally based on the weighted proportion of each unit class. The distribution per unit class is given in the distribution tables on pages 25 to 26.

17. PORTFOLIO TRANSACTION COSTS The following tables show portfolio transactions and their associated transaction costs. For more information about the nature of these costs please refer to the additional portfolio transaction cost information on page 7.

30/06/26 £'000

30/06/25 £'000

Analysis of total purchase costs: Purchases 1 in year before transaction costs 446,642 238,235 Commissions: Bonds total value paid – CIS total value paid – Derivatives total value paid – Equities total value paid 92 47 Taxes: Bonds total value paid – CIS total value paid – Derivatives total value paid – Equities total value paid 284 324 Total purchase costs 376 371 Gross purchases total 447,018 238,606

Analysis of total sale costs: Gross sales 1 before transaction costs 305,504 198,572 Commissions: Bonds total value paid – CIS total value paid – Derivatives total value paid – Equities total value paid (80) (43) Taxes: Bonds total value paid – CIS total value paid – Derivatives total value paid – Equities total value paid (72) (40) Total sales costs (152) (83) Total sales net of transaction costs 305,352 198,489

1 Excluding corporate actions.

15. FINANCIAL INSTRUMENTS continued

Fair Value of Financial Assets and Financial Liabilities continued

Page 25

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

30/06/26 %

30/06/25 %

Analysis of total purchase costs: Commissions: Bonds percentage of average NAV – Bonds percentage of purchases – CIS percentage of average NAV – CIS percentage of purchases – Derivatives percentage of average NAV – Derivatives percentage of purchases – Equities percentage of average NAV 0 . 03 0 . 03 Equities percentage of purchases 0 . 03 0 . 02 Taxes: Bonds percentage of average NAV – Bonds percentage of purchases – CIS percentage of average NAV – CIS percentage of purchases – Derivatives percentage of average NAV – Derivatives percentage of purchases – Equities percentage of average NAV 0 . 10 0 . 19 Equities percentage of purchases 0 . 08 0 . 17

Analysis of total sale costs: Commissions: Bonds percentage of average NAV – Bonds percentage of sales – CIS percentage of average NAV – CIS percentage of sales – Derivatives percentage of average NAV – Derivatives percentage of sales – Equities percentage of average NAV 0 . 03 0 . 02 Equities percentage of sales 0 . 03 0 . 02 Taxes: Bonds percentage of average NAV – Bonds percentage of sales – CIS percentage of average NAV – CIS percentage of sales – Derivatives percentage of average NAV – Derivatives percentage of sales – Equities percentage of average NAV 0 . 03 0 . 02 Equities percentage of sales 0 . 02 0 . 02

Analysis of total costs percentage of average NAV: Commissions 0 . 06 0 . 05 Taxes 0 . 13 0 . 21

As at the balance sheet date, the average portfolio dealing spread was 0 . 1 4 % ( 2025 : 0 . 19 %) based on their value at noon on 30 June 2026. This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.

18. POST BALANCE SHEET DATE MARKET MOVEMENT As at 22 September 2026, the net asset value of the Fund has increased by 2.96% compared to that at 30 June 2026. This is due to a net inflow from the Fund of 7.59% and a net decrease of 4.63% due to unfavourable market conditions. These accounts were approved on 30 September 2026.

Class Name

NAV per unit 30/06/2026

NAV per unit 22/09/2026 Movement

Class B Income Units 150 . 21 143 . 38 (4.55)% Class B Accumulation Units 256 . 85 250 . 24 (2.57)%

17. PORTFOLIO TRANSACTION COSTS continued

Page 26

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

DISTRIBUTION TABLES

For the period from 1 July 2025 to 31 July 2025 First Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/08/25 28/08/24 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 0 . 0750 0 . 3800 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/08/25 28/08/24 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 0 . 1215 0 . 6265 0 . 7480 0 . 6910

For the period from 1 August 2025 to 31 August 2025 Second Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 26/09/25 27/09/24 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 0 . 1405 0 . 3145 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 26/09/25 27/09/24 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 0 . 3393 0 . 4087 0 . 7480 0 . 6910

For the period from 1 September 2025 to 30 September 2025 Third Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/10/25 28/10/24 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 0 . 1148 0 . 3402 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/10/25 28/10/24 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 0 . 0826 0 . 6654 0 . 7480 0 . 6910

For the period from 1 October 2025 to 31 October 2025 Fourth Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/11/25 28/11/24 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 – 0 . 4550 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/11/25 28/11/24 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 0 . 0058 0 . 7422 0 . 7480 0 . 6910

For the period from 1 November 2025 to 30 November 2025 Fifth Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 24/12/25 27/12/24 Group 1 0 . 4550 – 0 . 4550 0 . 4350 Group 2 0 . 0835 0 . 3715 0 . 4550 0 . 4350

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 24/12/25 27/12/24 Group 1 0 . 7480 – 0 . 7480 0 . 6410 Group 2 0 . 1146 0 . 6334 0 . 7480 0 . 6410

For the period from 1 December 2025 to 31 December 2025 Interim dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/01/26 28/01/25 Group 1 0 . 4550 – 0 . 4550 0 . 4420 Group 2 0 . 0158 0 . 4392 0 . 4550 0 . 4420

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/01/26 28/01/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

Page 27

PREMIER MITON CAUTIOUS MONTHLY INCOME FUND

For the period from 1 January 2026 to 31 January 2026 Seventh Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 27/02/26 28/02/25 Group 1 0 . 4550 – 0 . 4550 0 . 4550 Group 2 – 0 . 4550 0 . 4550 0 . 4550

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 27/02/26 28/02/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

For the period from 1 February 2026 to 28 February 2026 Eighth Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 27/03/26 28/03/25 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 – 0 . 4550 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 27/03/26 28/03/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

For the period from 1 March 2026 to 31 March 2026 Ninth Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/04/26 28/04/25 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 – 0 . 4550 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/04/26 28/04/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

For the period from 1 April 2026 to 30 April 2026 Tenth Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/05/26 28/05/25 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 – 0 . 4550 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/05/26 28/05/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

For the period from 1 May 2026 to 31 May 2026 Eleventh Monthly dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 26/06/26 27/06/25 Group 1 0 . 4550 – 0 . 4550 0 . 4440 Group 2 – 0 . 4550 0 . 4550 0 . 4440

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 26/06/26 27/06/25 Group 1 0 . 7480 – 0 . 7480 0 . 6910 Group 2 – 0 . 7480 0 . 7480 0 . 6910

For the period from 1 June 2026 to 30 June 2026 Final dividend distribution in pence per unit

Class B Income Units

Distribution Paid aa Net Income Equalisation 28/07/26 28/07/25 Group 1 2 . 0664 – 2 . 0664 1 . 9261 Group 2 0 . 4204 1 . 6460 2 . 0664 1 . 9261

Class B Accumulation Units

Amount Accumulated aa Net Income Equalisation 28/07/26 28/07/25 Group 1 3 . 6850 – 3 . 6850 3 . 3324 Group 2 0 . 7088 2 . 9762 3 . 6850 3 . 3324

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