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Premier Miton
Investment Funds
Annual Report and Financial Statements (audited)
For the period from 1 July 2025 to 30 June 2026
Premier Miton Diversified Responsible Growth Fund Premier Miton Cautious Multi Asset Fund Premier Miton Defensive Multi Asset Fund
Page 2
INDEX
1
Management and Administration Registered Office and Directors ���������������������������������������������������������������������� 2 Company Information ������������������������������������������������������������������������������������� 2 Statement of Authorised Corporate Director’s (“ACD”) Responsibilities �������� 2 Important Notes ���������������������������������������������������������������������������������������� . 2 -3 Report of the ACD to the Shar eholders ���������������������������������������������������������� 3 Statement of Disclosure to the Auditor ���������������������������������������������������������� 3 Sub-Fund Cross-Holdings �������������������������������������������������������������������������������� 3 Director’s Statement �������������������������������������������������������������������������������������� 3 Remuneration Disclosures ������������������������������������������������������������������������������ 3 Report of the Depositary to the Shareholders ����������������������������������������������� 4
Independent Auditor’s Report Independent Auditor’s Report to the Shareholders ���������������������������� 5 -6
Premier Miton Investment Funds Aggregated Notes to the Financial Statements ����������������������������������� 7 -9
Premier Miton Diversified Responsible Growth Fund Fund Information ������������������������������������������������������������������������������������� 10 -11 Synthetic Risk and Reward Indicator ������������������������������������������������������������ 12 Leverage ��������������������������������������������������������������������������������������������� 12 Investment Objective and Policy . ������������������������������������������������������������12 -1 3 Investment Review ��������������������������������������������������������������������������������������� 14 Portfolio of Investments ���������������������������������������������������������������� 15 -16 Statement of Total Return, Statement of Change in Net Assets Attributable to Shareholders & Balance Sheet ������������������������������������ 17 Notes to the Financial Statements ������������������������������������������������� 18 -24 Distribution Tables ������������������������������������������������������������������������������ 25
Premier Miton Cautious Multi Asset Fund Fund Information ������������������������������������������������������������������������������������� 26 -28 Synthetic Risk and Reward Indicator ����������������������������������������������������������� 29 Leverage ��������������������������������������������������������������������������������������������� 29 Investment Objective and Policy ������������������������������������������������������������������ 29 Investment Review ���������������������������������������������������������������������������������� 29 -30 Portfolio of Investments ���������������������������������������������������������������� 31 -33 Statement of Total Return, Statement of Change in Net Assets Attributable to Shareholders ��������������������������������������������������������������� 34 Notes to the Financial Statements ������������������������������������������������� 35 -41 Distribution Tables ������������������������������������������������������������������������������ 42
Premier Miton Defensive Multi Asset Fund Fund Information ������������������������������������������������������������������������������������� 43 -44 Synthetic Risk and Reward Indicator ������������������������������������������������������������ 45 Leverage ��������������������������������������������������������������������������������������������� 45 Investment Objective and Policy ������������������������������������������������������������������ 45 Investment Review ���������������������������������������������������������������������������������� 45 -46 Portfolio of Investments ���������������������������������������������������������������� 47 -49 Statement of Total Return, Statement of Change in Net Assets Attributable to Shareholders ��������������������������������������������������������������� 50 Notes to the Financial Statements ������������������������������������������������� 51 -56 Distribution Tables ������������������������������������������������������������������������������ 57
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MANAGEMENT AND ADMINISTRATION
2
The Authorised Corporate Director ("ACD") and registered office of Premier Miton Investment Funds (“the Company”): 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 ACD: 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 Adviser to Premier Miton Investment Funds. DEPOSITARY: 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 COMPANY INFORMATION Premier Miton Investment Funds is an Investment Company with Variable Capital incorporated in England and Wales under registered number IC320 and authorised by the Financial Conduct Authority with effect from 16 April 2004. The Company has an unlimited duration. Shareholders are not liable for the debts of the Company. At the year end, the Company contained three sub funds: Premier Miton Diversified Responsible Growth Fund, Premier Miton Cautious Multi Asset Fund, and Premier Miton Defensive Multi Asset Fund. The Company is a UCITS scheme which complies with the Financial Conduct Authority’s Collective Investment Schemes sourcebook and is structured as an umbrella company so that different sub-funds may be established from time to time by the ACD with the approval of the FCA and the agreement of the Depositary.
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 AUTHORISED CORPORATE DIRECTOR’S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS OF THE SCHEME The Collective Investment Schemes sourcebook published by the FCA, ("the COLL Rules") require the Authorised Corporate Director ("ACD") to prepare financial statements for each annual accounting year, which give a true and fair view of the financial position of the Company and of the net income and the net gains on the property of the Company for the year. In preparing the financial statements, the ACD 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 Company’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 Company or its sub ‐ funds or to cease operations, or have no realistic alternative but to do so. For the reasons stated in Note 2, the financial statements for the Premier Miton Diversified Responsible Growth Fund have been prepared on a basis other than going concern; • 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 ACD is responsible for the maintenance and integrity of the corporate and financial information included on the Company'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 any of the sub-funds of the Premier Miton Investment Funds. 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.
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MANAGEMENT AND ADMINISTRATION
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Fund Merger On 31 July 2026, the Premier Miton Diversified Responsible Growth Fund merged with the Premier Miton Diversified Growth Fund, a sub-fund of Premier Miton Multi-Asset Funds. Following the merger, the Premier Miton Diversified Responsible Growth Fund is in the process of being wound up. REPORT OF THE ACD TO THE SHAREHOLDERS OF THE COMPANY The ACD, as sole director, presents its report and the audited financial statements of the Company for the period from 1 July 2025 to 30 June 2026. The Company is a UCITS scheme which complies with the Financial Conduct Authority’s Collective Investment Schemes sourcebook. The shareholders are not liable for the debts of the Company. The Investment Objectives and Policies of each sub-fund of the Company are covered in the section for each sub-fund. The sub-funds of an umbrella company should be invested as if they were a single company. The names and addresses of the ACD, the Depositary, the Registrar and the Auditor are detailed on page 2. In the future there may be other sub-funds of the Company. As a sub-fund is not a legal entity, if the assets attributable to any sub-fund were insufficient to meet the liabilities attributable to it, the shortfall might have to be met out of the assets attributable to one or more other sub-funds of the Company.
STATEMENT OF DISCLOSURE TO THE AUDITOR So far as the ACD is aware, there is no relevant audit information of which the Company’s Auditor is unaware. Additionally, the ACD has taken all the necessary steps that they ought to have taken as ACD in order to make themselves aware of all relevant audit information and to establish that the Company’s Auditor is aware of that information.
SUB-FUND CROSS HOLDINGS At the year end, none of the shares in the sub-funds were held by any other sub-funds or the Company.
DIRECTOR’S 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 ACD) Director (of the ACD) 30 September 2026
REMUNERATION DISCLOSURES (unaudited) The provisions of the Undertaking in Collective Investments Schemes Directive (“UCITs V”) took effect on 18 March 2016. That legislation requires the Authorised Corporate Director (“ACD”) to establish and maintain remuneration policies for its staff which are consistent with and promote sound and effective risk management. The ACD 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 UCITs scheme. 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 UCITs scheme, 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 Weighted 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 UCITs funds managed by the ACD. It is not considered feasible or useful to attempt to apportion these figures to individual funds. The management has 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
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REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS FOR THE YEAR FROM 1 JULY 202 5 TO 30 JUNE 202 6 FOR PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND, PREMIER MITON CAUTIOUS MULTI ASSET FUND, AND PREMIER MITON DEFENSIVE MULTI ASSET FUND AS SUB-FUNDS OF PREMIER MITON INVESTMENT FUNDS (‘THE COMPANY’) The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation 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 Company and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations. The Depositary must ensure that: • the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits; • the Company’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 Company is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Company. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and (ii) has observed the investment and borrowing powers and restrictions applicable to the Company have not been exceeded.
Northern Trust Investor Services Ltd Trustee & Depositary Services 30 September 2026
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INDEPENDENT AUDITOR’S REPORT
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INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF PREMIER MITON INVESTMENT FUNDS ('THE COMPANY') Opinion We have audited the financial statements of Premier Miton Investment Funds (“the Company”) comprising each of its sub-funds for the year ended 30 June 2026, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Shareholders, the Balance Sheet, the related notes and the Distribution Tables, and the accounting, distribution and risk policies of the Company, 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 Company comprising each of its sub-funds as at 30 June 2026 and of the net revenue and the net capital gains on the scheme property of the Company comprising each of its sub-funds 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 Company 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. Emphasis of matter – Premier Miton Diversified Responsible Growth Fund financial statements prepared on a basis other than going concern We draw attention to the disclosure made in Note 2 to the financial statements which explains that the Authorised Corporate Director (“the ACD”) does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements for the Premier Miton Diversified Responsible Growth Fund for the reasons set out in that note. Accordingly, the financial statements for this sub-fund only have been prepared on a basis other than going concern . Our opinion is not modified in respect of this matter. Conclusions relating to going concern The financial statements for the Premier Miton Diversified Responsible Growth Fund have been prepared on a basis other than going concern as disclosed in Note 2. In auditing the financial statements for the remaining sub-funds, we have concluded that the ACD’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 remaining sub-funds' 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 ACD 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 remaining sub-funds' 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 ACD 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 Instrument of Incorporation; 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 ACD’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 ACD As explained more fully in the ACD's responsibilities statement set out on page 2, the ACD 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 ACD 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 ACD is responsible for assessing the Company’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 ACD either intends to wind up or terminate the Company or to cease operations, or has no realistic alternative but to do so.
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INDEPENDENT AUDITOR’S REPORT
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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. 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 Company 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 OEIC Regulations, the Company’s Instrument of Incorporation and the Prospectus. • We understood how the Company is complying with those frameworks through discussions with the ACD and the Company’s administrators and a review of the Company’s documented policies and procedures. • We assessed the susceptibility of the Company’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 ACD 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 Company. • Due to the regulated nature of the Company, 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 Company’s Shareholders, 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 Company’s Shareholders 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 Company and the Company’s Shareholders 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
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AGGREGATED NOTES TO THE FINANCIAL STATEMENTS
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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 . These Financial Statements are prepared on a going concern basis, except for the Premier Miton Diversified Responsible Growth Fund, which has been prepared on a basis other than going concern as the ACD approved the merger of the sub-fund with the Premier Miton Diversified Growth Fund, a sub-fund of the Premier Miton Multi-Asset Funds on 31 July 2026. Under this basis assets are recorded at their recoverable value and liabilities are recorded at their expected settlement value. The ACD has made an assessment of the other sub-funds' 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 sub-funds. 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 Revenue from Collective Investment Schemes, Property Income Distributions ("PIDs"), and quoted equity and non-equity shares is recognised net of attributable tax credits when the security is quoted ex-distribution or ex dividend. Overseas revenue received after the deduction of withholding tax is shown gross of taxation, with the taxation consequences shown within the taxation charge. 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 investments. Bank interest, coupons from debt securities, underwriting commission and other revenue are recognised on an accruals basis.
In the case of debt securities, the total revenue arising includes the amortisation of any premium or discount at the time of purchase spread over the life of the security, using the effective interest rate method. Management fee rebates are accounted for on an accruals basis and are subsequently attributed to the sub-fund’s revenue or capital consistent with the fee structure of the underlying fund. Stock Dividends The ordinary element of stocks received in lieu of cash dividends is recognised as revenue of the sub-fund. Any enhancement above the cash dividend is treated as capital. Special Dividends Special dividends are recognised as either revenue or capital depending upon the nature and circumstances of the dividend. Expenses For accounting purposes, all expenses (other than those relating to the purchase and sale of investments) are charged against revenue for the year on an accruals basis. The Premier Miton Diversified Responsible Growth Fund receives a rebate of the expenses to ensure the Operating Charges Figure for the ‘B’ share classes does not exceed 1.00% and does not exceed 0.90% for the ‘F’ classes. This rebate is recognised as revenue or capital in line with the treatment of the expenses. Distributions Amounts distributable are calculated after excluding expenses borne by capital as agreed by the ACD and Depositary. The ACD and Depositary have agreed that 100% of the sub-fund’s expenses are borne by revenue. Interest on debt securities can be made available for distribution on a coupon basis or on effective yield basis. The highest income of the two methods is included for distribution. 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 sub-fund. In the case of Premier Miton Cautious Multi Asset Fund, Premier Miton Defensive Multi Asset Fund, and Premier Miton Diversified Responsible Growth Fund, the sub-funds will pay dividend distributions. Income Equalisation Since all sub-funds operate income equalisation, the first allocation made after the acquisition of the shares may include a sum ("equalisation") representing that part of the acquisition price of the shares which was attributable to income accrued up to the time of acquisition. This is treated for the purposes of both UK income tax and UK tax on chargeable gains as a refund of capital rather than a receipt of income. As such it is not liable to income tax. It should however be deducted from the cost of the shares when computing the base cost for any chargeable gain realised on the subsequent disposal of the shares. This is the case regardless of whether the shares in question are Accumulation Shares or Income Shares, and despite the fact that for Accumulation Shares the equalisation amount is re-invested.
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Valuations The methods for determining fair value for the principal classes of investment are: At the end of the reporting year, all investments have been measured at their fair value using the prices determined at 12 noon (UK time), being the last valuation point of the accounting year, 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. Delisted and unquoted investments are included at a fair value estimated by the ACD. Exchange traded derivative instruments such as futures and options are fair valued at the price required to close out the contract. The fair value of dual priced collective investment schemes managed by the ACD 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 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. At year end, there is a capital gains tax on Indian securities paid by PM Diversified Responsible Growth Fund, PM Cautious Multi Asset Fund and PM Defensive Multi Asset Fund. The amount paid is shown in the Taxation note of the sub-funds. Dilution Levy/Adjustment The ACD may make a dilution levy/adjustment, in accordance with the Financial Conduct Authority Regulations, on subscriptions and redemptions of shares, which is paid into the sub ‐ funds and included in the Statement of Change in Net Assets Attributable to Shareholders. The adjustment is intended to cover certain dealing charges not included in the mid ‐ market value of the sub ‐ fund used in calculating the share price, which could have a diluting effect on the performance of the sub ‐ fund.
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, and the circumstances support this, the revenue and expenses derived there from are included in ‘Revenue’ or ‘Expenses’ in the Statement of Total Return. Where such transactions are used to protect or enhance capital, and the circumstances support this, 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 sub-fund’s Portfolio of Investments at their fair value. Futures and options are used to hedge the market risk associated with other holdings or for investment purposes as permitted by the sub-fund’s investment objective policy. The investment adviser determines the treatment of the premium received depending on market conditions and expected performance of the underlying securities at the time the options were written. 3. RISK MANAGEMENT FRAMEWORKS The ACD 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 sub-funds are 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 sub-funds. 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 ACD is fully integrated with the position keeping system for the sub-funds 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 to monitor amendments to controls made seeking to ensure that operational risk errors do not re-occur. An additional external risk system is used to provide further risk information on any sub-funds employing derivative securities widely. The ACD has a formal structure of oversight committees who review the risk profile, including market, credit, operational and liquidity risks, of each sub-fund and the sub-fund’s compliance with its published objectives on a regular basis. As part of its governance processes, the ACD 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 sub-funds with the risk management framework. The risk management framework is updated by the ACD following any significant change in the business or in risk exposures and at least annually. It is also reviewed by the Depositary.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
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Market Risk Market risk is the risk of loss arising from fluctuations in the market value of investments held by the sub-funds attributable to changes in market variables, such as equity prices, foreign exchange rates, interest rates or the credit worthiness of an issuer. The Funds Risk Committee monitors the levels of market risk to which the sub-funds are exposed in relation to the sub-fund investment objective and policy. A series of hard (strictly enforced) and soft (warning) limits are employed to ensure the sub-funds stay within their published mandates. 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 potential trades prior to the sub-fund executing them and on the sub-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. 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 ACD 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. The sub-funds use the commitment method to calculate global exposure. Liquidity Risk Liquidity risk is the possibility that the sub-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 sub-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 sub-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 sub-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 ACD might seek to take any of the following actions to improve the liquidity profile of a sub-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 shareholder base. As of the date of this report, none of the sub-funds hold any assets that are subject to special arrangements arising from their illiquid nature. 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 sub-fund. The sub-funds manage credit issuer risk as a component of market risk.
Counterparty Risk Counterparty risk arises primarily with the financial brokers through whom the sub-fund buys and sells securities. The sub-funds may only transact with brokers from an approved broker list maintained by the ACD. All brokers on the ACD approved list are subject to regular credit and general business checks. The sub-funds 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.
3. RISK MANAGEMENT FRAMEWORKS continued
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FUND INFORMATION Fund Information The Comparative Tables on pages 10 and 11 give the performance of each active share class in the sub-fund. The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the sub-fund's performance disclosed in the ACD'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 sub-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 shares whereby broker commissions and stamp duty are paid by the sub-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 Accumulation Shares
2026 (pence per share)
2025 (pence per share)
2024 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 127.29 124 . 52 115.95 Return before operating charges* 5.67 4 . 01 9.70 Operating charges (1.26) (1.24) (1.13)
Return after operating charges* 4 . 41 2 . 77 8 . 57 Distributions (2.28) (2.29) (2.18) Distributions on accumulation shares 2 . 28 2.29 2 . 18
Closing net asset value per share 131 . 70 127.29 124 . 52 * after direct transaction costs of**: 0 . 08 0 . 02 (0.02) Performance Return after charges 3.46% 2.22% 7.39% Other Information Closing net asset value (£'000) 641 902 1,581 Closing number of shares 486,842 708,482 1,270,024 Operating charges† 1.00% 0.99% 0.96% Direct transaction costs 0.07% 0.01% (0.02)% Prices Highest share price 132 . 20 129.10 125 . 30 Lowest share price 117.90 114 . 80 108 . 20
** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub 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 (amended November 2023), the OCF quoted includes costs associated with Open Ended Investment Companies.
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Class D Accumulation Shares
2026 (pence per share)
2025 (pence per share)
2024 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 129.28 126.21 117 . 31
Return before operating charges* 5 . 72 4 . 01 9.75 Operating charges (1.15) (0.94) (0.85)
Return after operating charges* 4 . 57 3 . 07 8.90
Distributions (2.41) (2.58) (2.45) Distributions on accumulation shares 2 . 41 2 . 58 2 . 45 Closing net asset value per share 133 . 85 129.28 126.21 * after direct transaction costs of**: 0.09 0 . 02 (0.02) Performance Return after charges 3.53% 2.43% 7.59% Other Information Closing net asset value (£'000) 12,284 20,193 30,056 Closing number of shares 9,177,692 15,620,103 23,813,609 Operating charges† 0.90% 0.74% 0.71% Direct transaction costs 0.07% 0.01% (0.02)% Prices Highest share price 134 . 40 130.90 127 . 00 Lowest share price 119.80 116.50 109.60
** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub 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 (amended November 2023), the OCF quoted includes costs associated with Open Ended Investment Companies.
FUND INFORMATION
COMPARATIVE TABLES continued For the financial year ended 30 June 2026
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SYNTHETIC RISK AND REWARD (SRRI)
On 31 July 2026, following Shareholder approval, the Premier Miton Diversified Responsible Growth Fund was merged with the Premier Miton Diversified Growth Fund, a sub-fund of Premier Miton Multi-Asset Funds. Accordingly, the SRRI is not presented as it is no longer applicable following the merger.
LEVERAGE
The sub-fund may use derivatives for the purposes of efficient portfolio management as part of its investment strategy which generates some leverage within the sub-fund. The sub-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. The sub-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 sub-fund calculated using the ‘commitment leverage’ methodology has therefore been set at 70%. The maximum leverage of the sub-fund calculated using the ‘gross leverage’ methodology has been set at 100%. Leverage as at 30 June 2026 (unaudited)
Commitment Leverage Gross Leverage Actual Max. Limit Actual Max. Limit 16.03 % 70% 45.57% 100% During the financial year, the sub-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. The sub-fund has not granted any guarantees in relation to leveraging arrangements or any rights to reuse collateral. The sub-fund posts or receives margin or collateral in relation to its trading of on-exchange and OTC derivatives.
INVESTMENT OBJECTIVE AND POLICY
The investment objective of the Premier Miton Diversified Responsible Growth Fund is to achieve capital growth over the long term, being five years or more. The minimum recommended holding term is at least five years. This does not mean that the sub-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 Investment Manager aims to achieve the objective of the sub-fund by investing in a globally diversified portfolio of investments covering different asset classes (in developed and less developed countries) that are assessed against relevant environmental and social criteria (sustainability characteristics), which display a good governance profile and which align to themes with responsible or sustainable characteristics. Further details of these responsible themes and the environmental and social characteristics considered as part of the Investment Manager’s process can be found below. The asset classes invested in by the sub-fund may include fixed income (including bonds issued by governments and companies and including higher quality investment grade and lower quality sub-investment grade bonds), convertible bonds (bonds that can convert into company shares), equities (company shares), property company shares (including Real Estate Investment Trusts to provide indirect exposure to property), deposits, cash and near cash. In addition, alternative investments, including listed investment companies, may be used to provide indirect exposure to raw materials such as agricultural products and metals, renewable energy, such as solar and wind power, and infrastructure projects, such as energy storage and carbon capture. These investments are aimed at diversifying the portfolio and at being lowly correlated to bonds and equities.
The Investment Manager will maintain exposure to a broad spread of assets, although equities will usually be the largest single asset class with the sub fund investing a minimum of 50% in equities except in extreme market conditions where this figure may be lower. A maximum of 85% of the sub fund will be invested in equities and property company shares. In order to create a diversified portfolio, the Investment Manager will usually maintain a portfolio of at least 100 individual investments. The sub-fund may also invest in collective investment schemes (including those managed by the Authorised Corporate Director (ACD) and its affiliates). The sub-fund may use derivatives, warrants 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). The use of these (including structured investments) will be limited. Investments in derivatives (including structured investments) warrants and forward transactions, as well as in collective investment schemes, deposits and cash or near cash held by the sub-fund, are not assessed against environmental and social credentials, themes with responsible or sustainable characteristics or the exclusion criteria referred to below. Responsible investment themes The Investment Manager will normally look to invest at least 90% of the sub-fund’s other assets (and at least 70% of the sub-fund’s total assets) in investments that are aligned to themes with responsible or sustainable characteristics. The assessment of sustainability characteristics will vary depending on the asset class and is summarised below, together with examples of the types of environmental and social factors considered for each asset class as part of the investment process. Government bonds : for bonds issued by governments, it is expected that the issuing countries’ scores exceed a minimum level across a number of standards including the Transparency International Corruption Perception Index, Freedom House and the Notre Dame Global Adaptation initiative (ND GAIN), where a score of over 60, out of 100, is required. Sustainability characteristics : for instance, using the ND-GAIN standard assists the Investment Manager review a country’s (i) exposure, sensitivity and capacity to adapt to the negative effects of climate change (Vulnerability); and (ii) readiness to do so (Readiness). Using data from Transparency International allows the Investment Manager to review a country’s perceived level of public sector corruption, with lower scoring countries not considered investable and stronger scoring countries more likely to have appropriate frameworks in place to have a reduced risk of inequality. Corporate bonds : for bonds issued by companies the bonds held are typically those which raise money for climate and environmental improvement (labelled Green Bonds) and can be issued by a range of companies and will meet the standards required by the ICMA Green Bond Principles 1 . Green bonds may be issued by companies that are involved in fossil fuels. If they are not Green Bonds, a screening process takes place to ensure issuers meet minimum sustainability characteristics. This is a proprietary process which looks at various metrics from external data providers, including United Nations Norms-Based research scores provided by ISS, where a minimum score of 8, on a scale of 1 (lowest risk) to 10 (highest risk), must be met. Sustainability characteristics : when investing in Green Bonds the Investment Manager considers the projects that are funded and if proceeds from issues are directed at climate and environmental improvements. For non-Green Bond investments, the Investment Manager considers various metrics from external data providers, such as corporate adherence to global norms on human rights, labour, environmental and anti-corruption standards. Equities: for equities and property company shares, propriety scoring metrics are used to set thresholds for individual criteria and in aggregate which need to be met on an ongoing basis. The Investment Manager’s process would look to identify a company that scores well against various sustainability, environmental and social impact of business factors (including; carbon emissions, resource usage and intensity, supply chain management, business ethics) and which is aligned to the sub-fund’s responsible investment themes.
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An example of this would be that each company must have a minimum of 50 (45 for companies based in emerging markets) on the Ethical Screening ESG score, a broadly based independent assessment of the company’s environmental, social and governance (“ESG”) standards. Sustainability characteristics : Ethical Screening is an independent research company that provides analysis on a wide range of sustainability characteristics. The Ethical Screening ESG dataset assists the Investment Manager review companies’ performance against a number of areas to identify investments that score well against the sustainability characteristics; such as GHG emissions, energy consumption, waste generation, water usage, positive processes such as Net Zero commitments, negative processes such as environmental damage risk, positive product enhancement such as packaging, negative product impact such as life-cycle impacts and social factors, such as living wage, health & safety, labour standards and supply chain assessment. The Investment Manager will also consider corporate governance (including; female representation on boards, remuneration structure and disclosures), management (including; tenure, capability, clarity of strategy and policies), and sustainability of business (including; barriers to entry, risks to assets, regulatory risk, innovation) factors as part of its assessment, as these can be indicators of good sustainability characteristics. A number of sources of information are employed in assessing these characteristics. These include; meetings with company management, proprietary analysis (including company report and accounts and other reports and disclosures), third party analysis (including from Institutional Shareholder Services (ISS) and other specialist research providers). The use of ISS Climate scores, as an example, helps the Investment Manager consider companies that score well against criteria such as their carbon footprint and carbon intensity metrics (using ISS’s proprietary classification system). Using that information each investment is assessed against relevant criteria to produce an overall score to ensure it meets the required standards. The Investment Manager monitors the profitability and financial strength of each investment alongside the responsible investment themes. Alternative investments: for alternative investments, investment companies are typically invested in and it is expected they would have been accredited with the London Stock Exchange Green Economy Mark. Sustainability characteristics : using the LSE Green Economy Mark as part of the investment process means the sub-fund can invest in London-listed companies and funds that derive more than 50% of their total annual revenues from products and services that are contributing to environmental objectives such as climate change mitigation and adaptation, waste and pollution reduction, and the circular economy. The themes that the Investment Adviser looks at when considering if a company is acting responsibly can vary over time. Examples of these themes are; Circular Economy (reducing the amount of waste within society, increasing levels of recycling and therefore decreasing the negative environmental impact that results from the use of virgin materials), Energy transition (the transition away from fossil fuels towards affordable and clean energy) and Sustainable Cities and Communities (making human settlements safe, resilient and sustainable).
1 The Green Bond Principles (GBP) seek to support issuers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy and protect the environment (https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp/)
Each of the themes aligns to at least one of the United Nations Sustainable Development Goals (SDGs 2 ). The 17 SDGs and their 169 underlying targets serve as an independent, globally agreed framework for global priorities to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. In order to ensure that the sub-fund aligns to the themes, on a weighted average basis, over 50% of the of the revenues from the business activities of the investments across all asset classes, except Green Bonds and the assets that are not assessed against the responsible themes and sustainability characteristics mentioned above, held in the sub-fund will align with specific SDGs and an underlying target. In the case of a Green Bond, this will be the purpose for which the money raised is being used. Each SDG has at least one underlying target; for example, for renewable energy companies we will look for revenues aligned to SDG 7. “Access to affordable and clean energy”, by considering revenues from products and services that are aligned to the underlying Target 7.2 “By 2030, increase substantially the share of renewable energy in the global energy mix” 3 . The Investment Manager will not directly invest in companies that have more than 10% of their revenues coming from tobacco, gambling, alcohol production or distribution, conventional weapons, pornography or thermal coal. The Investment Manager will also not invest in companies with any involvement in banned weapons or those it believes contravene human rights. Other investments: as noted above, although at least 70% of the sub-fund’s total assets will be in investments that meet the responsible investment themes and incorporate sustainability characteristics, up to 10% of the sub-fund’s assets (excluding investments in derivatives, warrants, forward transactions, collective investment schemes deposits, cash or near cash and structured investments) may be in investments that are not aligned to the responsible and sustainable themes. This may be when a company ceases to meet the necessary standard, in which case the Investment Manager would engage with the company’s management to discuss a route to meet the criteria within a reasonable timeframe. If this engagement did not result in the investment regaining the necessary standard within twelve months, it would ultimately be sold. Similarly, an investment may be made in anticipation of it meeting the required criteria within a period of twelve months. A list of the types of companies that the Investment Adviser does not directly invest in (including those with more than 10% of their revenues coming from tobacco, gambling, alcohol production or distribution, conventional weapons, pornography or thermal coal or which are involved in banned weapons or those it believes contravene human right), can be found on the ACD’s website (www.premiermiton.com). On an annual basis, there will be published a report that will detail performance of the sub-fund against the metrics referred to above and other relevant information.
2 3 https://www.un.org/sustainabledevelopment/sustainable-development-goals/ https://www.seforall.org/goal-7-targets/renewable-energy
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INVESTMENT REVIEW
PERFORMANCE The Premier Miton Diversified Responsible Growth Fund (Class D Accumulation shares) rose by 3.63% over the period, compared to the IA Mixed Investment 40-85% Shares sector, which rose by 17.02%. The sub-fund is classified in the IA Mixed Investment 40-85% Shares sector, which we believe is a meaningful comparator to help investors assess the performance of the sub-fund. MARKET REVIEW The period was dominated by major geopolitical events which had real and meaningful consequences on the global economy and financial markets. The trade tariffs that were imposed by the US had significant ramifications, but did not lead to higher levels of inflation, lower global trade or slower economic growth that matched people’s worst fears. However, the conflict in the Middle East did have immediate and, probably, lasting consequences as the supply and price of oil and gas moved sharply higher. This resulted in higher inflation and negatively impacted economic growth. Bond markets were volatile as hopes of interest rate cuts dissipated, whilst equity markets remained strong, largely driven by Artificial Intelligence (AI) and technology-related companies. PORTFOLIO ACTIVITY There were numerous adjustments to the asset allocation between bonds, equities, property companies, alternative investments and cash over the period, although the allocation to bonds remained relatively static. The allocation to property companies was the one that varied the most. We are of the view that the outlook for real estate across Europe and the UK is very attractive over the long term, but in specific subsectors and regions, particularly within commercial real estate, such as offices and warehouses, and residential property in Germany. However, real estate and particularly the share prices of real estate companies can be very sensitive to changing interest rate expectations. As geopolitical events dramatically changed the macro-economic backdrop the share prices were impacted, leading us to adjust the exposure even though we had a positive long term view. As the investments in the sub-fund are assessed against relevant environmental and social criteria (sustainability characteristics), which display a good governance profile and which align to themes with responsible or sustainable characteristics, this does impact on what investments can be made. For example, it is difficult to invest in companies that are in the energy or defence sectors. Unsurprisingly, given events around the world, the share prices of companies in those sectors have performed very well, to which the sub-fund has had little or no exposure. However, there has been exposure to companies that are involved in AI, which have done well over the period, although towards the end of the period some have displayed some share price weakness. Examples of such companies are Nvidia, which designs and manufactures semiconductors which are central to the development of AI and ASML, which manufactures the machines that make semiconductors. The information technology sector has had a significant weighting in the sub fund throughout, as had the healthcare sector, where a range of companies are held. We remained focused on finding interesting new investments that meet the required sustainability characteristics across the different asset classes. OUTLOOK IMPORTANT INFORMATION: On 31 July 2026, the Premier Miton Diversified Responsible Growth Fund was merged into the Premier Miton Diversified Growth Fund and will be subsequently terminated. Visit the fund page for more information or speak to your usual Premier Miton representative; call 0333 456 4560 or email info@premiermiton.com.
Performance source: FE Analytics. Based on UK Sterling, Class D Accumulation shares, on a total return basis to 30 June 2026. Performance is shown net of fees with income reinvested. Reference to any particular investment does not constitute a recommendation to buy or sell the investment. Past performance is not a reliable indicator of future returns. 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. Please note that other share classes are available which may have higher or lower charges which will impact the returns of the sub-fund. Fund factsheets are published on our website for each available share class. The top ten purchases and sales during the year were as follows:
Purchases
Costs £'000 NVIDIA 926 STMicroelectronics 618 Microsoft 494 UnitedHealth 457 ASML 420 Arista Networks 380 Knorr- Bremse 368 Johnson & Johnson 321 Just Group FRN Perpetual 316 Financiere de Tubize 293
Sales
Proceeds £'000 Microsoft 930 Visa 'A' 565 ASML 562 Taiwan Semiconductor Manufacturing 548 NVIDIA 446 Canadian Pacific Kansas City 445 Broadcom 421 Siemens Energy 418 Linde 398 Mastercard 393
Total purchases during the year were 15,8 61
Total sales during the year were 20, 817
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £ '000
Total Value of Sub F und %
DEBT SECURITIES 14.33% ( 20.69% ) Corporate Bonds 13.68% (20.69%) GBP 100,000 Bank of Ireland FRN 06/12/2032 103 0 . 80 GBP 400,000 Canadian Imperial Bank of Commerce 0.00% 06/04/2027 29 0 . 22 EUR 117,000 Deutsche Pfandbriefbank 3.25% 01/09/2028 99 0 . 77 EUR 100,000 DVI Deutsche Vermegens - und Immobilienverwaltungs 4.875% 21/08/2030 88 0.68 EUR 100,000 Engie FRN Perpetual 85 0.66 EUR 200,000 Fidelidade - Co De Seguros FRN Perpetual 187 1 . 45 GBP 350,000 Just FRN Perpetual 316 2 . 44 GBP 150,000 NatWest FRN 09/11/2028 145 1 . 12 EUR 100,000 Neoen Finco 5.50% 15/06/2031 88 0.68 EUR 200,000 Orsted FRN 14/03/3024 176 1.36 GBP 300,000 SW Finance I 2.375% 28/05/2028 282 2 . 18 GBP 168,000 Vantage Data Centers Jersey Borrower SPV 6.172% 28/05/2039 170 1 . 32 1,768 13.68 Government Sponsored Agency Bonds 0.65% (0.00%) EUR 100,000 GACI First Investment 3.375% 14/10/2032 84 0.65 84 0.65
EQUITIES 76.33% ( 62.04% ) Asia Pacific (Ex Japan) 6.29% (4.65%) 4,401 HDFC Bank 86 0.67 3,100 Hong Kong Exchanges & Clearing 108 0 . 84 1,088 Samsung Electronics 177 1 . 37 7,000 Taiwan Semiconductor Manufacturing 401 3.09 1,000 Tencent 41 0 . 32 813 6.29 Continental Europe 19.48% (11.26%) 827 Aedifica 50 0.39 596 Argan 31 0 . 24 10 ASM International 9 0 . 07 333 ASML 479 3 . 70 436 BE Semiconductor Industries 107 0 . 83 4,887 BoneSupport 82 0.63 773 Covivio 36 0 . 28 3,130 CTP 43 0 . 33 1,164 Eurocommercial Properties 28 0 . 22 1,127 Financiere de Tubize 226 1 . 75 570 Gecina 36 0 . 28 1,373 Knorr- Bremse 119 0.92 9,751 LPKF Laser & Electronics 181 1 . 40 7,303 Lumo Kodit 46 0.36 2,786 Mercialys 29 0 . 22 3,210 Merlin Properties Socimi 43 0 . 33 1,453 Siemens Energy 207 1.60 7,534 STMicroelectronics 421 3.26 10,392 Swedish Logistic Property 31 0 . 24 4,281 TAG Immobilien 53 0 . 41
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
Continental Europe continued 516 UCB 118 0.91 420 Unibail - Rodamco -Westfield 37 0.29 2,673 Vonovia 50 0.39 2,252 Warehouses De Pauw 43 0 . 33 2,159 Wihlborgs Fastigheter 13 0 . 10 2,518 19.48 France 0.00% (0.35%) Guernsey 0.11% (0.00%) 15,000 Bluefield Solar 14 0 . 11 14 0.11 Hong Kong 0.00% (0.66%) India 0.00% (0.73%) Japan 2.83% (1.37%) 7,400 Anritsu 151 1 . 17 6,600 Shin-Etsu Chemical 215 1.66 366 2.83 Netherlands 0.00% (1.75%) North America 20.91% (22.32%) 1,143 Akamai Technologies 98 0.76 763 Alibaba 55 0 . 43 1,760 Baidu 149 1 . 15 858 Broadcom 241 1.86 32 Cadence Design Systems 9 0 . 07 4,351 Canadian Pacific Kansas City 285 2 . 21 1,310 Colgate-Palmolive 91 0 . 70 5,429 Edwards Lifesciences 374 2.89 482 Mastercard 186 1 . 44 3,511 NVIDIA 517 4 . 00 4,173 Service Corp International 241 1.86 933 Stryker 233 1 . 80 27 Synopsys 9 0 . 07 11 United Rentals 9 0 . 07 801 Visa 'A' 207 1.60 2,704 20.91 South America 0.00% (1.43%) Sweden 0.00% (0.46%) United Kingdom 11.34% (10.33%) 2,480 AstraZeneca 360 2.79 8,887 British Land 37 0.29 18,128 Ceres Power Holdings 89 0.69 167,250 Greencoat Renewables 104 0 . 80 954 Linde 367 2 . 83 1,941 London Stock Exchange 160 1 . 24 8,184 Phoenix Spree Deutschland 14 0 . 11 45,122 Rightmove 199 1 . 54 3,029 Safestore 19 0 . 15 7,994 Saga 51 0.39 1,796 Segro 16 0 . 12 5,462 Wise 50 0.39 1,466 11.34
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
United States 15.37% (6.73%) 20 Applied Materials 10 0 . 08 2,711 Arista Networks 336 2.60 844 Cloudflare 155 1 . 20 3,931 CSX 143 1 . 11 5,172 Dexcom 273 2 . 11 1,303 Interactive Brokers 87 0.67 4,362 Iridium Communications 180 1.39 1,305 Johnson & Johnson 255 1.97 444 Keysight Technologies 114 0 . 88 1,365 UnitedHealth 433 3.36 1,986 15.37 INVESTMENT TRUSTS 9.50% ( 10.91% ) Continental Europe 1.51% (2.70%) 19,090 BH Macro 82 0.63 37,000 Foresight Solar 27 0 . 21 92,890 GCP Infrastructure Investments 72 0.56 29,965 NextEnergy Solar 14 0 . 11 195 1.51 United Kingdom 7.99% (8.21%) 255,741 Aquila Energy Efficiency Trust 51 0.39 290,000 Aquila European Renewables 43 0 . 33 130,000 Gore Street Energy Storage 62 0 . 48 11,100 Great Portland Estates 37 0.29 115,700 Greencoat UK Wind 119 0.92 60,400 Gresham House Energy Storage 54 0 . 42 9,026 Helical 17 0 . 13 170,000 John Laing Environmental Assets 146 1 . 13 48,047 NewRiver REIT 37 0.29 97,712 Octopus Renewables Infrastructure Trust 64 0 . 50 157,000 Renewables Infrastructure 115 0.89 95,550 SDCL Energy Efficiency Income Trust 34 0.26 28,901 Sirius Real Estate 28 0 . 22 464,407 US Solar Fund 118 0.91 150,000 VH Global Energy Infrastructure 107 0 . 83 1,032 7.99 FORWARD CURRENCY CONTRACTS -0.13% (0.42%) EUR (1,883,000) Sold EUR, Bought GBP 1,645,170 for settlement on 23/07/2026 22 0 . 17 USD (1,000,000) Sold USD, Bought GBP 746,989 for settlement on 23/07/2026 (9) (0.07) USD (1,920,000) Sold USD, Bought GBP 1,421,076 for settlement on 23/07/2026 (30) (0.23) (17) (0.13)
FUTURES 0.00% (0.01%)
OPTIONS 0.07% ( 0.05% ) 39 Option Euro Stoxx 50 PR Call 6500 17/07/2026 5 0 . 04 (2) Option S&P 500 Index Put 6675 21/08/2026 (4) (0.03)
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
OPTIONS 0.07% (0.05%) continued 2 Option S&P 500 Index Put 7050 21/08/2026 8 0.06 9 0.07
WARRANTS 0.25% (0.71%) 80 BNP Paribas Issuance Warrants 16/12/2026 2 0 . 02 86 BNP Paribas Issuance Warrants 05/02/2027 10 0 . 08 201 Citigroup Global Markets Warrants 21/08/2026 – 116 Merrill Lynch International Warrants 21/01/2027 – 1,426,901 Natixis Structured Warrants 10/12/2027 20 0 . 15 32 0.25
Total Value of Investments 12,970 100.35 Net Other Liabilities (45) (0.35) Total Net Assets 12,925 100.00
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.
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH 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 8 58 Revenue 5 484 801
Expenses 6 (140) (197) Interest payable and similar charges – Net revenue before taxation 344 604 Taxation 7 (36) (73)
Net revenue after taxation 308 531
Total return before distributions 316 589
Distributions 8 (307) (533) Change in net assets attributable to shareholders from investment activities 9 56
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
For the year ended 30 June 2026
30/06/26 30/06/25 Note £'000 £'000 £'000 £'000 Opening net assets attributable to shareholders 21,095 31,637 Amounts receivable on issue of shares 699 4,765 Amounts payable on cancellation of shares (9,156) (15,852) (8,457) (11,087) Dilution levy/adjustment 9 14 Change in net assets attributable to shareholders from investment activities 9 56 Retained distributions on accumulation shares 8 269 475 Closing net assets attributable to shareholders 12,925 21,095
BALANCE SHEET
As at 30 June 2026
30/06/26 30/06/25 Notes £'000 £'000 ASSETS Fixed assets:
Investments 13,013 20,037
Current assets: Debtors 9 69 394 Cash and bank balances 10 163 1,023 Total assets 13,245 21,454
LIABILITIES
Investment liabilities (43) (33)
Creditors:
Bank overdrafts 11 (146) Other creditors 12 (131) (326) Total liabilities (320) (359) Net assets attributable to shareholders 12,925 21,095
The notes on pages 18 to 24 are an integral part of these financial statements. On behalf of Premier Portfolio Managers Limited.
Gregor Craig Nicola Stronach Director (of the ACD) Director (of the ACD) 30 September 2026
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES The accounting, distribution and risk management policies for Notes 1 to 3 are provided in the Aggregated Notes to the Financial Statements section on pages 7 to 9.
4. NET CAPITAL GAINS 30/06/26 30/06/25 £'000 £'000 Non-derivative securities 186 (398) Forward currency contracts (51) 401 Other currency (losses)/gains (23) 38 Derivative securities (88) 28 Transaction charges (16) (11) Net capital gains 8 58
5. REVENUE 30/06/26 30/06/25 £'000 £'000 Bank interest 18 18 Franked distributions 15 16 Franked PID revenue 7 12 Franked UK dividends 50 77 Interest on debt securities 187 306 Overseas dividends 171 299 Unfranked distributions 22 25 Unfranked PID revenue 14 48 484 801
6. EXPENSES 30/06/26 30/06/25 £'000 £'000 Payable to the ACD , associates of the ACD and agents of either of them: ACD's periodic charge 84 136 84 136
Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary's fees 2 Safe custody fees 15 3 17 3
Other expenses: Auditor's remuneration 12 13 Derivative charges 3 2 Electronic messaging fees (2) 2 Legal fees – 1 Printing fees 2 5 Registration fees 21 27 Subsidy fees (1) Taxation fees 4 8 39 58 Total expenses 140 197
Irrecoverable VAT is included in the above expenses where relevant.
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
7. TAXATION (a) The tax charge comprises:
30/06/26 30/06/25 £'000 £'000 Current tax: Corporation tax 22 40 Overseas capital gains tax (1) 2 Overseas withholding tax 16 29
Total current tax (note 7 (b)) 37 71 Deferred tax (note 7 (c)) (1) 2
Total taxation 36 73
(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 Open-Ended Investment Companies (OEICs). The differences are explained below:
30/06/26 30/06/25 £'000 £'000 Net revenue before taxation 344 604
344 604 Return on ordinary activities multiplied by the special rate of corporation tax of 20% (2025: 20%) 69 121 Effects of: Double taxation relief – (2) Franked UK dividends and distributions not subject to taxation (14) (21) Non-allowable expenses 1 Non-taxable overseas dividends (35) (57) Overseas capital gains tax (1) 2 Overseas withholding tax 16 29 Taxation due to timing differences 1 (1) Total tax charge (note 7 (a)) 37 71
(c) Deferred tax Provision at the start of the year 2 Deferred tax charge in the year (1) 2 Provision at the end of the year 1 2
Authorised OEICs are exempt from UK tax on capital gains made within the sub-fund. Factors that may affect the future tax charge: The sub ‐ fund has recognised a potential deferred tax asset of £ nil ( 2025 : £ nil ) arising as a result of having surplus management expenses.
8. DISTRIBUTIONS The distributions take into account revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: 30/06/26 30/06/25 £'000 £'000 Interim accumulation 148 251 Final accumulation 121 224 269 475
Add: Revenue deducted on cancellation of shares 41 80 Deduct: Revenue received on issue of shares (3) (22) Net distributions for the year 307 533
The difference between the net revenue after taxation and the amounts distributed comprises: Net revenue after taxation 308 531 Overseas capital gains tax (1) 2 Distributions 307 533
9. DEBTORS
30/06/26 30/06/25 £'000 £'000 Accrued revenue 38 88 Amounts receivable for issue of shares 6 42 Overseas tax recoverable 23 21 Prepaid expenses 2 Sales awaiting settlement – 243 69 394
10. CASH AND BANK BALANCES 30/06/26 30/06/25 £'000 £'000 Cash held at clearing house 6 59 Sterling 87 898 Overseas balances 70 66 163 1,023
11. BANK OVERDRAFTS
30/06/26 30/06/25 £'000 £'000 Sterling 146 146 –
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
12. OTHER CREDITORS 30/06/26 30/06/25 £'000 £'000 Accrued expenses 32 32 Amounts payable for cancellation of shares 76 166 Corporation tax payable 22 40 Deferred tax 1 2 Other creditors – 1 Purchases awaiting settlement – 85 131 326
13. RELATED PARTIES The ACD is regarded as a related party to the sub-fund because it provides key management personnel services to the sub-fund. The Ultimate controlling party of the ACD 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 sub-fund. Premier Portfolio Managers Limited acts as the principal on all the transactions of the shares of the sub-fund. The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 17. Fees received by the ACD from the sub-fund including any rebates paid by the ACD to the sub-fund are shown within notes 4, 5 and 6. Any equalisation amounts that relate to creations and cancellation of shares are shown within note 8. The balance due to the ACD at the year end in respect of management fees was £5,569 (2025: 9,156). Any outstanding fees or amounts outstanding on creations and cancellation of shares in the sub-fund, or any rebates receivable by the sub-fund from the Manager are shown within notes 9 and 12. At the year end, Premier Fund Managers Limited, and Directors of the ACD, in aggregate held 0.00% (2025: 0.00%) of the sub-fund's shares 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 sub ‐ fund’s investment objective, the main risks arising from the sub ‐ fund’s financial instruments are market price, currency, interest rate, liquidity and credit risk. Market Price Risk Risk management policies surrounding this risk are discussed in note 3 on pages 8 to 9. At 30 June 2026 , if the price of the investments held by the sub ‐ fund increased or decreased by 5%, with all other variables remaining constant, then the net assets attributable to shareholders would increase or decrease by approximately £ 648,520 ( 2025 : £ 1,000,192 ).
Currency Risk The revenue and capital value of the sub-fund’s investments can be significantly affected by foreign currency translation movements as the sub fund’s assets and revenue may be denominated in currencies other than sterling, which is the sub-fund’s base currency.
There are three main areas of currency risk. These are, movement in exchange rates affecting the value of investments, short-term timing differences such as exposure to exchange rate movements during the period between when an investment purchase or sale is entered into and the date when settlement occurs, and movements in exchange rates affecting revenue received by the sub-fund.
Currency exposure as at 30 June 2026
Currency
Portfolio of investments £'000
Forward currency contracts £'000
Net other assets £'000
Total £'000
Total exposure % Canadian dollar 285 – 1 286 2 . 21 Danish kroner – – 2 2 0 . 02 Euro 3,354 (1,624) 88 1,818 14 . 07 Hong Kong dollar 150 – – 150 1.16 Japanese yen 369 – – 369 2 . 85 South Korean won 177 – – 177 1 . 37 Swedish krona 125 – – 125 0.97 Taiwan dollar 400 – 1 401 3 . 10 US dollar 4,993 (2,206) 26 2,813 21.76
9,853 (3,830) 118 6,141 47.51 Sterling 3,134 3,813 (163) 6,784 52.49
Total 12,987 (17) (45) 12,925 100.00
Currency exposure as at 30 June 2025
Currency
Portfolio of investments £'000
Forward currency contracts £'000
Net other assets £'000
Total £'000
Total exposure % Brazilian real 302 – 1 303 1 . 44 Canadian dollar 490 – 1 491 2 . 33 Danish kroner – – 2 2 0 . 01 Euro 4,596 (2,305) 76 2,367 11 . 22 Hong Kong dollar 140 – – 140 0.66 Indian rupee 153 – – 153 0 . 73 Japanese yen 288 – – 288 1 . 37 Swedish krona 351 – – 351 1.66 Taiwan dollar 477 – 2 479 2 . 27 US dollar 7,413 (2,490) 111 5,034 23.86 14,210 (4,795) 193 9,608 45.55 Sterling 5,705 4,884 898 11,487 54 . 45
Total 19,915 89 1,091 21,095 100.00
At 30 June 2026 , 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 shareholders would decrease or increase by approximately £ 61,396 ( 202 5 : £ 96,091 ).
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
Interest Rate Risk The interest rate risk profile of the sub-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 Canadian dollar – – 285 285 – Danish kroner – – 2 2 – Euro 359 497 962 1,81 8 4 . 22 4 . 30 Hong Kong dollar – – 150 150 – Japanese yen – – 369 369 – South Korean won – – 177 177 – Swedish kron a – – 125 125 – Taiwan dollar – – 401 401 – US dollar – 26 2,788 2,81 4 – 359 523 5,259 6,141 Sterling 481 505 5,798 6,784 5 . 43 5 . 74 Total 840 1,028 11,057 12,925
Interest rate exposure as at 30 June 202 5
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 Brazilian real – – 303 303 – Canadian dollar – – 491 491 – Danish kroner – – 2 2 – Euro 834 (1,085) 2,618 2,367 4.26 4.66 Hong Kong dollar – – 140 140 – Indian rupee – – 153 153 – Japanese yen – – 288 288 – Swedish krona – – 351 351 – Taiwan dollar – – 479 479 – US dollar 297 (2,385) 7,122 5,034 4.62 4 . 07
1,131 (3,470) 11,947 9,608 Sterling 909 6,910 3,668 11,487 5 . 44 8 . 70
Total 2,040 3,440 15,615 21,095
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 (2025: same). 2 The ‘weighted average fixed interest rate’ is based on the redemption yield of each asset, weighted by their market value.
At 30 June 202 6 , if interest rates increased or decreased by 1% against all debt securities, with all other variables remaining constant, then the net assets attributable to shareholders would decrease or increase by approximately £ 96,792 (2025: £ 199,766).
15. FINANCIAL INSTRUMENTS continued
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
Liquidity Risk Risk management policies surrounding this risk are discussed in note 3 on pages 8 to 9. Credit Risk Risk management policies surrounding this risk are discussed in note 3 on pages 8 to 9. 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 264 953 Investment grade securities 1,559 3,32 6 Other investments 11,118 15,6 40 Unrated securities 29 85 12,970 20,004 Counterparty Risk Risk management policies surrounding this risk are discussed in note 3 on pages 8 to 9. The types of derivatives held at the balance sheet date were future contracts, warrants and forward exchange contracts. Details of individual contracts are disclosed in the Portfolio of Investments and the total position by counterparty at the balance sheet date was as follows:
Counterparty Name
30/06/26 £'000
30/06/25 £'000
Warrants BNP Paribas 12 3 Citigroup – 7 5 Goldman Sachs – 4 JPMorgan – 1 Morgan Stanley – 3 Natixis 20 54 Royal Bank of Canada – 13 Options Eurex 5 S&P 4 10 Forward Currency Contracts Barclays Bank (9) NatWest – (19) Northern Trust (8) 108 Futures CBOE Futures Exchange – (2) Chicago Board of Trade – 4 Total 1 24 25 4
1 Net exposure represents the mark to market value of derivative contracts less any cash collateral held. Positive exposure represents the sub ‐ 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 sub-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 1,031 – – 1,031 Debt Securities – 1,852 – 1,852 Equities 10,063 – – 10,063 Forward Currency Contracts – 22 – 22 Options 13 – – 13 Warrants – 32 – 32 11,107 1,906 – 13,013
Liabilities Forward Currency Contracts – (39) – (39) Options (4) – – (4) (4) (39) – (43)
Valuation technique as at 30 June 2025
Level 1 £'000
Level 2 £'000
Level 3 £'000
Total £'000
Assets Collective Investment Schemes 2,301 – – 2,301 Debt Securities – 4,36 4 – 4,36 4 Equities 13,085 – – 13,085 Forward Currency Contracts – 114 – 114 Futures 4 – – 4 Options 16 – – 16 Warrants – 15 3 – 15 3 15,406 4,631 – 20,037
Liabilities Forward Currency Contracts – (25) – (25) Futures (2) – – (2) Options (6) – – (6) (8) (25) – (33)
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 used during the year comprise of forward exchange contracts, and warrants. Open positions at the balance sheet date are disclosed as either ‘Investment Assets’ or ‘Investment Liabilities’ in the Balance Sheet. Unrealised gain/ (losses) on derivatives are taken to capital. The value of these investments may fluctuate significantly. The Investment Adviser may use derivative instruments to hedge the investment portfolio against risk.
15. FINANCIAL INSTRUMENTS continued
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
16. SHARE CLASSES The sub-fund currently has two types of share. The AMC on each share class is as follows:
Class B Accumulation Shares 0.75% Class D Accumulation Shares 0.50%
The following table shows the shares in issue during the year:
Class B Shares Accumulation Opening Shares 708,482 Shares Created 19,327 Shares Liquidated (240,967) Shares Converted Closing Shares 486,842 Class D Shares Accumulation Opening Shares 15,620,103 Shares Created 534,511 Shares Liquidated (6,976,922) Shares Converted Closing Shares 9,177,692
The net asset value, the net asset value per share and the number of shares in issue are given in the Fund Information on pages 10 to 11. All share classes have the same rights on winding up. The taxation and income are apportioned equally based on the weighted proportion of each share class. The distribution per share class is given in the distribution tables on page 25.
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 10 . 30/06/26 £'000
30/06/25 £'000
Analysis of total purchase costs: Purchases 1 in year before transaction costs 15,848 15,249 Commissions – Bonds total value paid – Derivatives total value paid – Equities total value paid 3 2 Taxes – Bonds total value paid – Derivatives total value paid – Equities total value paid 10 9 Total purchase costs 13 11 Gross purchases total 15,861 15,260
Analysis of total sale costs: Gross sales 1 before transaction costs 20,824 24,466 Commissions – Bonds total value paid – Derivatives total value paid – Equities total value paid (4) (2) Taxes – Bonds total value paid – Derivatives total value paid – Equities total value paid (3) (4) Total sales costs (7) (6) Total sales net of transaction costs 20,817 24,460
1 Excluding corporate actions.
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PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
30/06/26 %
30/06/25 %
Analysis of total purchase costs: Commissions: Bonds percentage of average NAV – Bonds percentage of purchases – Derivatives percentage of average NAV – Derivatives percentage of purchases – Equities percentage of average NAV 0 . 02 0 . 01 Equities percentage of purchases 0 . 02 0 . 02 Taxes: Bonds percentage of average NAV – Bonds percentage of purchases – Derivatives percentage of average NAV – Derivatives percentage of purchases – Equities percentage of average NAV 0.06 0 . 03 Equities percentage of purchases 0 . 08 0.09
Analysis of total sale costs: Commissions: Bonds percentage of average NAV – Bonds percentage of sales – Derivatives percentage of average NAV – Derivatives percentage of sales – Equities percentage of average NAV 0 . 02 0 . 01 Equities percentage of sales 0 . 02 0 . 01 Taxes: Bonds percentage of average NAV – Bonds percentage of sales – Derivatives percentage of average NAV – Derivatives percentage of sales – Equities percentage of average NAV 0 . 02 0 . 02 Equities percentage of sales 0 . 02 0 . 02
Analysis of total costs percentage of average NAV: Commissions 0 . 04 0 . 02 Taxes 0 . 08 0 . 05
As at the balance sheet date, the average portfolio dealing spread was 0 . 50 % ( 202 5 : 0 . 34 %) 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. EVENTS AFTER THE BALANCE SHEET DATE On 31 July 2026, the sub-fund merged with Premier Miton Diversified Growth Fund, a sub-fund of Premier Miton Multi-Asset Funds. Following completion of the merger, the sub-fund entered the process of termination and winding up.
17. PORTFOLIO TRANSACTION COSTS continued
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25
PREMIER MITON DIVERSIFIED RESPONSIBLE GROWTH FUND
DISTRIBUTION TABLES
For the period from 1 July 2025 to 31 December 2025 Interim dividend distribution in pence per share
Class B Accumulation Shares
Amount Accumulated aa Net Income Equalisation 27 /02/26 28/02/25 Group 1 1.0954 – 1.0954 1 . 0571 Group 2 0 . 5381 0 . 5573 1.0954 1 . 0571
Class D Accumulation Shares
Amount Accumulated aa Net Income Equalisation 27 /02/26 28/02/25 Group 1 1.1589 – 1.1589 1 . 2025 Group 2 0.6857 0 . 4732 1.1589 1 . 2025
For the period from 1 January 2026 to 30 June 2026 Final dividend distribution in pence per share
Class B Accumulation Shares
Amount Accumulated aa Net Income Equalisation 28/08/26 28/08/25 Group 1 1.1849 – 1.1849 1 . 2350 Group 2 0.6821 0 . 5028 1.1849 1 . 2350
Class D Accumulation Shares
Amount Accumulated aa Net Income Equalisation 28/08/26 28/08/25 Group 1 1 . 2504 – 1 . 2504 1.3793 Group 2 0 . 5351 0 . 7153 1 . 2504 1.3793
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26
PREMIER MITON CAUTIOUS MULTI ASSET FUND
FUND INFORMATION Fund Information The Comparative Tables on pages 26 to 28 give the performance of each active share class in the sub-fund. The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the sub-fund's performance disclosed in the ACD'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 sub-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 shares whereby broker commissions and stamp duty are paid by the sub-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 Accumulation Shares
2026 (pence per share)
2025 (pence per share)
2024 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 349.60 331.98 291.67 Return before operating charges* 81 . 41 20 . 33 42 . 81 Operating charges (3.16) (2.71) (2.50)
Return after operating charges* 78 . 25 17.62 40 . 31 Distributions (12.99) (13.10) (12.73) Distributions on accumulation shares 12.99 13 . 10 12 . 73
Closing net asset value per share 427 . 85 349.60 331.98
* after direct transaction costs of**: 0 . 42 0.60 0 . 40 Performance Return after charges 22.38% 5.31% 13.82% Other Information Closing net asset value (£'000) 281,074 257,080 244,401 Closing number of shares 65,695,115 73,535,729 73,620,084 Operating charges† 0.80% 0.81% 0.81% Direct transaction costs 0.11% 0.18% 0.13% Prices Highest share price 436.10 348 . 80 336.70 Lowest share price 349.00 313 . 30 286.20
** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub fund and is calculated based on the last period's figures.
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27
PREMIER MITON CAUTIOUS MULTI ASSET FUND
Class C USD Accumulation Shares
2026 (cents per share)
2025 (cents per share)
2024 (cents per share) Change in Net Asset Value Per Share Opening net asset value per share 390.52 345.98 306.82
Return before operating charges* 75 . 10 51 . 33 45 . 01 Operating charges (7.59) (6.79) (5.85)
Return after operating charges* 67.51 44 . 54 39.16
Distributions (10.70) (10.58) (10.11) Distributions on accumulation shares 10 . 70 10 . 58 10 . 11 Closing net asset value per share 458 . 03 390.52 345.98 * after direct transaction costs of**: 0 . 45 0.68 0 . 42 Performance Return after charges 17.29% 12.87% 12.76% Other Information Closing net asset value ( $ '000) 3,054 3,783 4,193 Closing number of shares 666,756 968,700 1,211,897 Operating charges† 1.80% 1.81% 1.81% Direct transaction costs 0.11% 0.18% 0.13% Prices Highest share price 477 . 20 390.00 352.90 Lowest share price 384 . 00 328 . 10 290.30
** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub fund and is calculated based on the last period's figures.
Class F EUR Accumulation Shares
2026 (cents per share)
2025 (cents per share)
2024 (cents per share) Change in Net Asset Value Per Share Opening net asset value per share 331.26 321 . 33 281 . 14 Return before operating charges* 74.90 15.69 45.61 Operating charges (6.70) (5.76) (5.42)
Return after operating charges* 68.20 9.93 40.19 Distributions (9.15) (9.39) (9.27) Distributions on accumulation shares 9.15 9.39 9.27
Closing net asset value per share 399.46 331.26 321 . 33 * after direct transaction costs of**: 0.39 0 . 58 0.39 Performance Return after charges 20.59% 3.09% 14.30% Other Information Closing net asset value ( € '000) 3,381 2,389 2,395 Closing number of shares 846,280 721,162 745,423 Operating charges† 1.80% 1.81% 1.81% Direct transaction costs 0.11% 0.18% 0.13% Prices Highest share price 404 . 50 340 . 40 323 . 00 Lowest share price 328 . 40 295.80 272 . 70
** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub fund and is calculated based on the last period's figures.
FUND INFORMATION
COMPARATIVE TABLES continued For the financial year ended 30 June 2026
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PREMIER MITON CAUTIOUS MULTI ASSET FUND
Class G Accumulation Shares
2026 (pence per share)
2025 (pence per share)
2024 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 323 . 43 307.90 271 . 20
Return before operating charges* 75 . 27 18 . 81 39.74 Operating charges (3.69) (3.28) (3.04)
Return after operating charges* 71 . 58 15 . 53 36.70
Distributions (11.28) (11.35) (11.10) Distributions on accumulation shares 11 . 28 11 . 35 11 . 10 Closing net asset value per share 395.01 323 . 43 307.90 * after direct transaction costs of**: 0 . 37 0.56 0 . 37 Performance Return after charges 22.13% 5.04% 13.53% Other Information Closing net asset value (£'000) 7 31 36 Closing number of shares 1,829 9,619 11,620 Operating charges† 1.05% 1.06% 1.06% Direct transaction costs 0.11% 0.18% 0.13% Prices Highest share price 402 . 70 322 . 70 312 . 30 Lowest share price 322 . 80 290.00 266.00 ** 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 sub fund's total disclosable costs (excluding overdraft interest) to the average net assets of the sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub fund and is calculated based on the last period's figures.
FUND INFORMATION
COMPARATIVE TABLES continued For the financial year ended 30 June 2026
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PREMIER MITON CAUTIOUS MULTI ASSET FUND
29
SYNTHETIC RISK AND REWARD INDICATOR (SRRI) CLASSES B, G & F EUR
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 specified share classes in this sub-fund are ranked as 4 because they have 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 sub-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 sub-fund. The SRRI remains the same from the last reporting period.
SYNTHETIC RISK AND REWARD INDICATOR (SRRI) CLASS C USD
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 specified share classes in this sub-fund are ranked as 5 because they have experienced medium to high 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 sub-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 sub-fund. The SRRI remains the same from the last reporting period.
LEVERAGE
The sub-fund may use derivatives for the purposes of efficient portfolio management as part of its investment strategy which generates some leverage within the sub-fund. The sub-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. The sub-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 sub-fund calculated using the ‘commitment leverage’ methodology has therefore been set at 50%. The maximum leverage of the sub-fund calculated using the ‘gross leverage’ methodology has been set at 100%. Leverage as at 30 June 2026 (unaudited)
Commitment Leverage Gross Leverage Actual Max. Limit Actual Max. Limit 0% 50% 3.77% 100% During the financial year, the sub-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 sub-fund posted or received margin or collateral. The sub-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 Multi Asset Fund is to achieve capital growth over the long-term, being five years or more. The minimum recommended holding term is at least five years. This does not mean that the sub-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 asset classes chosen by the Investment Manager to meet the objective will include equities (company shares), fixed income (including bonds issued by governments and companies), property (including Real Estate Investment Trusts) commodities, cash and cash like investments. The Investment Manager will maintain exposure to a broad spread of underlying assets, although equities and fixed income will form the majority of the portfolio with the fund investing a maximum of 60% in equities. The Investment Manager will typically gain exposure to equity and fixed income assets through direct investment, but investments in property and commodities will be indirect. The sub-fund may also invest in shares in collective investment schemes covering global markets. In order to create a diversified portfolio, the sub-fund will usually maintain a portfolio of at least 100 individual investments. The sub-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 Multi Asset Fund (Class B Accumulation shares) rose 22.5% compared to the IA Mixed Investment 2060% Shares sector which returned 12.5%. 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 sub-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 sub-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.
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PREMIER MITON CAUTIOUS MULTI ASSET FUND
30
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. 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. 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 shares, 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 share classes are available which may have higher or lower charges which will impact the returns of the sub-fund. Fund factsheets are published on our website for each available share class. The top ten purchases and sales during the year were as follows:
Purchases
Costs £'000 Intel 7,344 United Parcel Service 6,282 FedEx 5,855 Altria 5,779 WisdomTree Industrial Metals 5,649 Morgan Stanley 5,470 Fabrinet 5,436 Comfort Systems USA 5,388 Rio Tinto 4,990 Jabil 4,828
Sales
Proceeds £'000 Invesco Physical Gold ETC 15,911 Intel 8,439 iShares Physical Silver ETC 5,605 Microsoft 5,438 WisdomTree Brent Crude Oil 5,049 Fresnillo 4,907 Comfort Systems USA 4,106 Lyondellbasell Industries 4,101 GE Aerospace 4,090 Fabrinet 4,043
Total purchases during the year were 339,817
Total sales during the year were 336,996
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PREMIER MITON CAUTIOUS MULTI ASSET FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £ '000
Total Value of Sub- F und %
DEBT SECURITIES 35.85% ( 31.38% ) Corporate Bonds 31.81% (30.41%) GBP 1,500,000 Aldermore FRN 01/10/2035 1,499 0 . 52 USD 700,000 Allstate FRN 15/08/2053 529 0 . 18 USD 1,000,000 Alumina 6.375% 15/09/2032 768 0 . 27 GBP 1,500,000 America Movil 5.00% 27/10/2026 1,503 0 . 52 USD 1,500,000 American Electric Power FRN 15/03/2056 1,125 0.39 GBP 1,500,000 American Honda Finance 0.75% 25/11/2026 1,479 0 . 52 GBP 1,500,000 Anglian Water Services Financing 4.50% 05/10/2027 1,489 0 . 52 USD 1,000,000 Antofagasta 5.625% 09/09/2035 765 0 . 27 GBP 2,000,000 AT&T 4.25% 01/06/2043 1,556 0 . 54 GBP 1,000,000 AXA FRN Perpetual 1,000 0 . 35 EUR 600,000 Banco de Sabadell FRN Perpetual 569 0 . 20 USD 1,800,000 Banco Santander FRN Perpetual 1,480 0 . 52 GBP 1,000,000 Barclays FRN 14/11/2032 1,042 0.36 USD 2,000,000 Barclays FRN Perpetual 1,589 0.56 USD 1,000,000 BBVA Mexico FRN 13/09/2034 745 0.26 USD 1,000,000 BNP Paribas FRN 13/01/2033 782 0 . 27 USD 1,600,000 BNP Paribas FRN Perpetual 1,234 0 . 43 GBP 2,500,000 BRIT Insurance FRN 09/12/2030 2,246 0.79 GBP 1,500,000 British Telecommunications FRN 20/12/2083 1,585 0 . 55 GBP 1,250,000 BUPA Finance 4.125% 14/06/2035 1,098 0 . 38 GBP 1,500,000 BUPA Finance 6.625% 18/11/2045 1,492 0 . 52 GBP 1,000,000 Chesnara 4.75% 04/08/2032 944 0 . 33 USD 1,000,000 Citigroup FRN Perpetual 769 0 . 27 USD 1,200,000 Cleveland-Cliffs 7.375% 01/05/2033 907 0 . 32 GBP 2,200,000 Close Brothers Finance 1.625% 03/12/2030 1,874 0.65 GBP 1,500,000 Credit Agricole FRN 09/11/2034 1,517 0 . 53 GBP 1,000,000 E.ON International Finance 6.375% 07/06/2032 1,063 0 . 37 USD 1,500,000 Ecopetrol 8.375% 19/01/2036 1,219 0 . 43 GBP 1,000,000 Electricite de France 5.50% 17/10/2041 922 0 . 32 USD 1,000,000 Energy Transfer 6.05% 01/09/2054 741 0.26 GBP 1,500,000 Engie 5.625% 03/04/2053 1,334 0 . 47 USD 1,000,000 First Quantum Minerals 8.625% 01/06/2031 787 0 . 27 USD 1,000,000 First Quantum Minerals 7.25% 15/02/2034 775 0 . 27 GBP 1,000,000 Ford Motor Credit 5.78% 30/04/2030 1,005 0 . 35 GBP 1,000,000 Ford Motor Credit 6.184% 29/08/2031 1,021 0.36 USD 2,000,000 Ford Motor Credit 6.50% 07/02/2035 1,555 0 . 54 USD 1,500,000 Freeport Indonesia 6.20% 14/04/2052 1,110 0.39 USD 1,500,000 General Motors 5.95% 01/04/2049 1,102 0 . 38 USD 1,000,000 General Motors Financial 3.10% 12/01/2032 686 0 . 24 USD 1,000,000 General Motors Financial 5.45% 06/09/2034 760 0 . 27 USD 2,000,000 Goldman Sachs FRN 21/01/2047 1,470 0 . 51
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
Corporate Bonds continued EUR 1,000,000 Hammerson Ireland Finance DAC 1.75% 03/06/2027 852 0 . 30 USD 1,000,000 HF Sinclair 6.25% 15/01/2035 788 0 . 28 GBP 1,500,000 HSBC FRN 16/11/2034 1,619 0 . 57 GBP 1,500,000 HSBC 6.00% 29/03/2040 1,474 0 . 51 GBP 2,000,000 Intesa Sanpaolo 5.148% 10/06/2030 1,987 0.69 GBP 1,200,000 Investec FRN Perpetual 1,319 0.46 GBP 2,000,000 Legal & General FRN Perpetual 1,918 0.67 GBP 1,000,000 Legal & General Finance 5.875% 05/04/2033 1,055 0 . 37 GBP 1,500,000 Lloyds Banking FRN Perpetual 1,564 0 . 55 GBP 1,500,000 Lloyds Banking Eire FRN Perpetual 1,552 0 . 54 GBP 1,500,000 M&G FRN 20/10/2068 1,371 0 . 48 GBP 1,000,000 Mercedes-Benz Finance Canada 4.70% 10/10/2030 999 0 . 35 USD 1,000,000 Murphy Oil 6.00% 01/10/2032 753 0.26 USD 1,000,000 Nomura FRN Perpetual 775 0 . 27 USD 1,000,000 NTT Finance 5.136% 02/07/2031 762 0 . 27 GBP 1,500,000 Orsted 5.375% 13/09/2042 1,330 0.46 GBP 1,000,000 OSB FRN 16/01/2030 1,086 0 . 38 GBP 1,200,000 Pension Insurance 8.00% 13/11/2033 1,316 0.46 GBP 1,500,000 Pension Insurance 6.875% 15/11/2034 1,547 0 . 54 GBP 1,000,000 Phoenix 5.867% 13/06/2029 1,014 0 . 35 GBP 1,090,000 Phoenix 5.625% 28/04/2031 1,091 0 . 38 GBP 1,000,000 Phoenix FRN Perpetual 986 0 . 34 GBP 1,000,000 Phoenix FRN 06/12/2053 1,090 0 . 38 GBP 1,315,000 Rothesay Life FRN Perpetual 1,340 0 . 47 GBP 1,000,000 Royal Bank of Canada FRN 10/10/2031 1,010 0 . 35 GBP 600,000 Shawbrook FRN Perpetual 640 0 . 22 USD 1,000,000 SM Energy 7.00% 01/08/2032 762 0 . 27 USD 1,000,000 Sociedad Quimica y Minera de Chile 5.50% 10/09/2034 756 0.26 USD 1,500,000 Societe Generale FRN Perpetual 1,192 0 . 42 USD 1,500,000 Societe Generale '144A' FRN Perpetual 1,235 0 . 43 USD 1,500,000 Societe Generale SA FRN Perpetual 1,128 0.39 USD 1,000,000 SoftBank 6.50% 10/04/2029 754 0.26 USD 500,000 SoftBank FRN 29/04/2061 363 0 . 13 USD 2,500,000 Standard Chartered FRN Perpetual 1,938 0.68 USD 1,000,000 Stellantis Finance US 2.691% 15/09/2031 646 0 . 23 GBP 644,387 Tesco Property Finance 4 5.801% 13/10/2040 644 0 . 22 USD 1,000,000 UBS FRN Perpetual 871 0 . 30 GBP 1,000,000 Whitbread 5.50% 31/05/2032 988 0 . 35 GBP 1,500,000 Yorkshire Water Finance 1.75% 26/11/2026 1,481 0 . 52 91,132 31.81 Government Bonds 3.52% (0.97%) BRL 2,200,000 Brazil Letras do Tesouro Nacional 0.00% 01/01/2030 2,015 0 . 71 BRL 2,100,000 Brazil Letras do Tesouro Nacional 0.00% 01/01/2032 1,467 0 . 51 MXN 20,000,000 Mexican Bonos 7.50% 03/06/2027 869 0 . 30 MXN 32,000,000 Mexican Bonos 8.50% 31/05/2029 1,405 0.49
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PREMIER MITON CAUTIOUS MULTI ASSET FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
Government Bonds continued ZAR 20,000,000 Republic of South Africa Government Bond 7.00% 28/02/2031 892 0 . 31 ZAR 40,000,000 Republic of South Africa Government Bond 8.875% 28/02/2035 1,915 0.67 USD 2,000,000 US Treasury 4.50% 15/05/2038 1,523 0 . 53 10,086 3.52 Government Sponsored Agency Bonds 0.52% (0.00%) USD 1,500,000 Petroleos Mexicanos 6.625% 15/06/2035 1,102 0 . 38 USD 500,000 YPF 8.25% 17/01/2034 395 0 . 14 1,497 0.52
EQUITIES 53.38% ( 52.89% ) Asia Pacific (Ex Japan) 2.26% (9.81%) 180,000 BW LPG 2,400 0 . 84 3,250,000 Industrial and Commercial Bank of China 2,010 0 . 70 5,990 Taiwan Semiconductor Manufacturing 2,059 0 . 72 6,469 2.26 Australia 3.20% (0.00%) 240,000 Fortescue 2,392 0 . 84 70,000 Mineral Resources 2,261 0.79 873,000 New Hope 2,423 0 . 84 800,000 PLS 2,090 0 . 73 9,166 3.20 Continental Europe 9.53% (14.65%) 20,000 ACS 2,209 0 . 77 20,000 ACS Rights 32 0 . 01 120,000 Banco Bilbao Vizcaya Argentaria 2,252 0.79 80,000 Bayer 3,253 1 . 15 26,000 BNP Paribas 2,274 0.79 200,000 Carrefour 2,830 0.99 330,000 Enel 2,887 1 . 01 160,000 Iberdrola 3,039 1.06 500,000 Intesa Sanpaolo 2,571 0.90 100,000 Powszechna Kasa Oszczednosci Bank Polski 2,073 0 . 72 110,000 Powszechny Zaklad Ubezpieczen 1,443 0 . 50 135,000 Vallourec 2,392 0 . 84 27,255 9.53 Japan 6.31% (4.10%) 20,000 Advantest 3,010 1 . 04 220,000 Azbil 1,759 0.61 70,000 Fanuc 2,395 0 . 84 4,500 Fast Retailing 1,733 0.61 80,000 Fujikura 2,320 0 . 81 120,000 Ryohin Keikaku 1,976 0.69 92,000 Secom 2,764 0.97 65,000 Shin-Etsu Chemical 2,120 0 . 74 18,077 6.31
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
North America 23.17% (15.36%) 8,000 Alphabet 'A' 2,136 0 . 75 55,000 Altria 3,076 1 . 07 34,000 Amkor Technology 2,114 0 . 74 13,000 Apple 2,766 0.97 43,000 Archer-Daniels-Midland 2,497 0 . 87 100,000 Campbell's 1,739 0.61 15,484 Cisco Systems 1,376 0 . 48 45,000 Coca-Cola 2,809 0.98 1,700 Comfort Systems USA 2,501 0 . 87 48,000 Edison International 2,735 0.96 2,075 EMCOR 1,277 0 . 45 70,000 Enbridge 2,919 1 . 02 50,000 Enphase Energy 1,825 0.64 5,000 Fabrinet 1,997 0 . 70 10,500 FedEx 2,580 0.90 9,000 Fedex Freight 1,020 0.36 185,000 Gibson Energy 2,867 1 . 00 27,000 Intel 2,846 0.99 8,000 Jabil 2,257 0.79 12,000 Johnson & Johnson 2,343 0 . 82 30,000 Merck 2,932 1 . 02 20,000 Morgan Stanley 3,199 1 . 12 13,560 Mueller Industries 1,259 0 . 44 120,000 Pfizer 2,210 0 . 77 40,000 SolarEdge Technologies 1,673 0 . 58 18,000 Target 1,821 0.64 48,000 TC Energy 2,484 0 . 87 10,000 TD Synnex 2,039 0 . 71 37,000 United Parcel Service 3,018 1 . 05 66,315 23.17 South Africa 2.23% (1.51%) 190,000 Absa 1,957 0.69 120,000 Exxaro Resources 1,122 0.39 120,000 Standard Bank 1,776 0.62 220,000 Vodacom 1,529 0 . 53 6,384 2.23 South America 1.43% (0.00%) 28,000 Sociedad Quimica y Minera de Chile 1,477 0 . 52 230,000 Vale 2,612 0.91 4,089 1.43 United Kingdom 5.25% (7.46%) 550,000 Evraz 1 – 120,000 GSK 2,400 0 . 84 210,000 HSBC 3,040 1.06 135,000 National Grid 1,694 0.59 716,917 Premier Miton 272 0 . 10 36,000 Rio Tinto 2,606 0.91 170,000 Rolls-Royce 2,466 0.86 2,500,000 Vodafone 2,561 0.89 15,039 5.25
Page 34
33
PREMIER MITON CAUTIOUS MULTI ASSET FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £‘000
Total Value of Sub-Fund %
INVESTMENT COMPANIES 0.65% ( 0.83% ) United Kingdom 0.65% (0.83%) 1,570,000 Diverse Income 1,853 0.65 1,853 0.65
COMMODITIES 5.48% (6.83%) 1,550,000 WisdomTree Agriculture 7,078 2 . 48 600,000 WisdomTree Industrial Metals 8,569 3 . 00 15,647 5.48 FORWARD CURRENCY CONTRACTS 0.04% (0.36%) USD (30,000,000) Sold USD, Bought GBP 22,789,952 for settlement on 27/07/2026 123 0 . 04 123 0.04
Total Value of Investments 273,132 95.40 Net Other Assets 13,169 4.60 Total Net Assets 286,301 100.00
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 ACD’s best assessment of their fair and reasonable value.
Page 35
34
PREMIER MITON CAUTIOUS MULTI ASSET 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 46,072 2,778 Revenue 5 12,114 13,607
Expenses 6 (2,217) (2,345) Interest payable and similar charges (10) (2)
Net revenue before taxation 9,887 11,260 Taxation 7 (1,347) (703)
Net revenue after taxation 8,540 10,557
Total return before distributions 54,612 13,335
Distributions 8 (8,934) (10,476) Change in net assets attributable to shareholders from investment activities 45,678 2,859
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
For the year ended 30 June 2026
30/06/26 30/06/25 Note £'000 £'000 £'000 £'000 Opening net assets attributable to shareholders 261,916 283,489 Amounts receivable on issue of shares 43,967 33,411 Amounts payable on cancellation of shares (74,102) (68,012) (30,135) (34,601) Dilution levy/adjustment 81 70 Change in net assets attributable to shareholders from investment activities 45,678 2,859 Retained distributions on accumulation shares 8 8,761 10,099 Closing net assets attributable to shareholders 286,301 261,916
BALANCE SHEET
As at 30 June 2026
30/06/26 30/06/25 Notes £'000 £'000 ASSETS Fixed assets:
Investments 273,132 241,732
Current assets: Debtors 9 5,953 8,772 Cash and bank balances 10 12,192 12,975 Total assets 291,277 263,479
LIABILITIES
Creditors:
Bank overdrafts 11 (160) (260) Other creditors 12 (4,816) (1,303) Total liabilities (4,976) (1,563) Net assets attributable to shareholders 286,301 261,916
The notes on pages 35 to 41 are an integral part of these financial statements. On behalf of Premier Portfolio Managers Limited.
Gregor Craig Nicola Stronach Director (of the ACD) Director (of the ACD) 30 September 2026
Page 36
35
PREMIER MITON CAUTIOUS MULTI ASSET FUND
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES The accounting, distribution and risk management policies for Notes 1 to 3 are provided in the Aggregated Notes to the Financial Statements section on pages 7 to 9.
4. NET CAPITAL GAINS 30/06/26 30/06/25 £'000 £'000 Non-derivative securities 47,989 621 Forward currency contracts (2,775) 2,304 Other currency gains/(losses) 864 (150) Transaction charges (18) (8) Capital management fee rebates 12 10 CSDR penalty reimbursement – 1 Net capital gains 46,072 2,778
5. REVENUE 30/06/26 30/06/25 £'000 £'000 Bank interest 244 286 Franked PID revenue – 38 Franked UK dividends 965 1,048 Interest on debt securities 5,926 5,746 Management fee rebates 4 3 Overseas dividends 4,970 6,108 Unfranked PID revenue 5 378 12,114 13,607
6. EXPENSES 30/06/26 30/06/25 £'000 £'000 Payable to the ACD , associates of the ACD and agents of either of them: ACD's periodic charge 2,094 2,189 2,094 2,189
Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary's fees 27 23 Safe custody fees 34 25 61 48
Other expenses: Administration fees – 7 Auditor's remuneration 12 13 Derivative charges 1 1 Electronic messaging fees (5) 5 Printing fees 6 13 Registration fees 33 69 Taxation fees 15 62 108 Total expenses 2,217 2,345
Irrecoverable VAT is included in the above expenses where relevant.
Page 37
36
PREMIER MITON CAUTIOUS MULTI ASSET FUND
7. TAXATION (a) The tax charge comprises:
30/06/26 30/06/25 £'000 £'000 Current tax: Corporation tax 414 Double taxation relief (9) Overseas capital gains tax (3) 215 Overseas withholding tax 550 857 Prior year adjustment – 26
Total current tax (note 7 (b)) 952 1,098 Deferred tax (note 7 (c)) 395 (395)
Total taxation 1,347 703
(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 Open-Ended Investment Companies (OEICs). The differences are explained below:
30/06/26 30/06/25 £'000 £'000 Net revenue before taxation 9,887 11,260
9,887 11,260 Return on ordinary activities multiplied by the special rate of corporation tax of 20% (2025: 20%) 1,977 2,252 Effects of: Overseas capital gains tax (3) 215 Double taxation relief (9) Expenses not utilised in the year (395) (814) Franked UK dividends and distributions not subject to taxation (193) (217) Index gilt edged securities adjustment – (6) Non-taxable overseas dividends (981) (1,221) Overseas withholding tax 550 857 Prior year adjustment – 26 Taxation due to timing differences 4 4 Tax effect on capital management fee rebates 2 2 Total tax charge (note 7 (a)) 952 1,098 (c) Deferred tax Provision at the start of the year (395) Deferred tax charge in the year 395 (395) Provision at the end of the year – (395)
Authorised OEICs are exempt from UK tax on capital gains made within the sub-fund. Factors that may affect the future tax charge: At the year end, there is a potential deferred tax asset of £nil ( 202 5 : £394,902) in relation to surplus management expenses. As there is evidence that taxable profits will arise in the future, the sub-fund has recognised this amount as deferred tax asset. Consequently, the sub-fund has an unrecognized deferred tax asset carried forward of £nil ( 202 5 : £nil).
8. DISTRIBUTIONS The distributions take into account revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprises: 30/06/26 30/06/25 £'000 £'000 Interim accumulation 4,018 4,338 Final accumulation 4,743 5,761 8,761 10,099
Add: Revenue deducted on cancellation of shares 585 680 Deduct: Revenue received on issue of shares (412) (303) Net distributions for the year 8,934 10,476 Interest payable and similar charges 10 2 8,944 10,478
The difference between the net revenue after taxation and the amounts distributed comprises: Net revenue after taxation 8,540 10,557 Expenses offset against capital (3) 215 Equalisation uplift on shares conversions – 97 Tax relief on expenses transferred to capital 2 2 Deferred tax in capital 395 (395) Distributions 8, 934 10,476
9. DEBTORS
30/06/26 30/06/25 £'000 £'000 Accrued revenue 2,258 1,744 Amounts receivable for issue of shares 642 359 Deferred tax asset – 395 Management fee rebates receivable 9 5 Overseas tax recoverable 651 578 Sales awaiting settlement 2,393 5,691 5,953 8,772
10. CASH AND BANK BALANCES 30/06/26 30/06/25 £'000 £'000 Sterling 11,851 12,511 Overseas balances 341 464 12,192 12,975
11. BANK OVERDRAFTS 30/06/26 30/06/25 £'000 £'000 Euro 114 114 US dollar 46 146 160 260
Page 38
37
PREMIER MITON CAUTIOUS MULTI ASSET FUND
12. OTHER CREDITORS 30/06/26 30/06/25 £'000 £'000 Accrued expenses 217 216 Amounts payable for cancellation of shares 1,427 1,075 Corporation tax payable 272 Currency deals awaiting settlement 1 12 Purchases awaiting settlement
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