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Premier Miton
Tellworth Investment
Funds 2
Interim Report and Financial Statements (unaudited)
For the period from 1 January 2026 to 30 June 2026
Premier Miton Tellworth UK Select Fund
Page 2
INDEX
1
Management and Administration Registered Office and Directors ���������������������������������������������������������������������� 2 Company Information ������������������������������������������������������������������������������������� 2 Report of the ACD to the Shareholders ���������������������������������������������������������� 2 Directors’ Statement �������������������������������������������������������������������������������������� 2 Important Notes ��������������������������������������������������������������������������������������������� 2
Premier Miton Tellworth UK Select Fund Fund Information ����������������������������������������������������������������������������������������� 3-6 Synthetic Risk and Reward Indicator �������������������������������������������������������������� 7 Investment Objective and Policy �������������������������������������������������������������������� 7 Investment Review �������������������������������������������������������������������������������������� 7-8 Portfolio of Investments ������������������������������������������������������������������ 9-10 Statement of Total Return, Statement of Change in Net Assets Attributable to Shareholders and Balance Sheet ��������������������������������� 11 Notes to the Financial Statements ������������������������������������������������������ 12
Page 3
MANAGEMENT AND ADMINISTRATION
2
The Authorised Corporate Director ("ACD") and registered office of Premier Miton Tellworth Investment Funds 2 (“the Company”): 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 Manag ers Limited is authorised and r egulated by the Financial Conduct Authority (“FCA”) and is a member of The Investment Association (“IA”). Premier Fund Managers Limited and Pr emier Portfolio Manag ers Limit ed 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) Mark Skinner (Non-Executive Director)*
*Appointed 6 March 2026.
INVESTMENT ADVISER: Premier Fund Manag ers Limit ed is the In vestment Adviser to Pr emier Miton Tellworth Investment Funds 2. 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 The Premier Miton Tellworth Investment Funds 2 is an Authorised Investment Company with Variable Capital under regulation 12 of the Open-Ended Investment Company Regulations and incorporated in England and Wales under registered number IC0001019 and authorised by the Financial Conduct Authority with effect from 05 August 2014. Shareholders are not liable for the debts of the Company. At the period end, the Company contained one sub fund: Premier Miton Tellworth UK Select 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 REPORT OF THE ACD TO THE SHAREHOLDERS OF THE COMPANY The ACD, as sole director, presents its report and the unaudited financial statements of the Compan y for the period from 1 January 2026 to 30 June 2026 . The Compan y 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 this page. In the future, there may be other sub-funds of the Company. Where a sub-fund invests in other Collective Investment Schemes, the maximum annual management fee that may be charged to that Collective Investment Scheme is 5% of the net asset value of such a scheme, however, it is expected that the actual annual management fee will not exceed 2%.
DIRECTORS’ STATEMENT In accordance with the Regulations, we hereby certify the report on behalf of the Directors of Premier Portfolio Managers Limited.
Nicola Stronach Director (of the ACD)
Gregor Craig Director (of the A CD) 2 5 August 2026
IMPORTANT NOTES
tes 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 Tellworth Investment Funds 2. The Value Assessment Report will be published before 30 April each year and will cover the period 1 January to 31 December for the previous year.
Page 4
3
PREMIER MITON TELLWORTH UK SELECT FUND
FUND INFORMATION Fund Information The Comparative Tables on pages 3 to 6 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 period ended 30 June 2026 Class A Income Shares
30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 136.45 138.24 126 . 99 Return before operating charges* (3.85) 2.74 16 . 31 Operating charges (0.65) (1.29) (1.31)
Performance fees – – (1.23)
Return after operating charges* (4.50) 1.45 13 . 77 Distributions on income shares (0.66) (3.24) (2.52)
Closing net asset value per share 131 . 29 136.45 138.24 * after direct transaction costs of**: – (0.02) 0.24 Performance Return after charges (3.30)% 1.05% 10.84% Other Information Closing net asset value (£'000) 116,043 140,089 35,026 Closing number of shares 88,384,170 102,670,441 25,336,841 Operating charges† 0.97% 0.92% 0.99% Performance fees – – 0.92% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 139 . 80 142.90 139 . 10 Lowest share price 130.40 137 . 30 127 . 30 ComparativeTablesStart ** 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. The OCF for the current period is an annualised figure.
Page 5
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PREMIER MITON TELLWORTH UK SELECT FUND
Class A Accumulation Shares 30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 148.12 146.62 132 . 13
Return before operating charges* (4.16) 2 . 89 17 . 35 Operating charges (0.71) (1.38) (1.40)
Performance fees – (0.01) (1.46)
Return after operating charges* (4.87) 1 . 50 14.49
Distributions (0.72) (3.46) (2.65) Distributions on accumulation shares 0 . 72 3.46 2 . 65 Closing net asset value per share 143.25 148.12 146.62 * after direct transaction costs of**: – (0.02) 0 . 26 Performance Return after charges (3.29)% 1.02% 10.97% Other Information Closing net asset value (£'000) 145,089 281,728 233,534 Closing number of shares 101,284,901 190,206,569 159,278,905 Operating charges† 0.97% 0.92% 0.99% Performance fees – 0.01% 1.04% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 151 . 80 151 . 60 146.70 Lowest share price 141.50 145.60 132 . 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. The OCF for the current period is an annualised figure.
Class F Income Shares
30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 142.29 144.18 132.40 Return before operating charges* (4.00) 2 . 89 17 . 08 Operating charges (0.50) (0.98) (1.04)
Performance fees – – (0.93)
Return after operating charges* (4.50) 1 . 91 15 . 11 Distributions on income shares (0.87) (3.80) (3.33)
Closing net asset value per share 136 . 92 142.29 144.18 * after direct transaction costs of**: – (0.02) 0 . 25 Performance Return after charges (3.16)% 1.32% 11.41% Other Information Closing net asset value (£'000) 48,314 48,860 42,017 Closing number of shares 35,287,020 34,337,243 29,141,911 Operating charges† 0.72% 0.67% 0.74% Performance fees – – 0.67% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 145.90 149.40 145.50 Lowest share price 136 . 10 143.30 132 . 80 ** 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. The OCF for the current period is an annualised figure.
FUND INFORMATION
COMPARATIVE TABLES continued For the financial period ended 30 June 2026
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PREMIER MITON TELLWORTH UK SELECT FUND
Class F Accumulation Shares 30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 156.74 154.72 138 . 71
Return before operating charges* (4.41) 3 . 08 18 . 10 Operating charges (0.56) (1.06) (1.09)
Performance fees – – (1.00)
Return after operating charges* (4.97) 2 . 02 16 . 01
Distributions (0.95) (4.10) (3.58) Distributions on accumulation shares 0 . 95 4.10 3 . 58 Closing net asset value per share 151 . 77 156.74 154.72 * after direct transaction costs of**: – (0.02) 0 . 27 Performance Return after charges (3.17)% 1.31% 11.54% Other Information Closing net asset value (£'000) 9,826 28,021 22,672 Closing number of shares 6,474,209 17,877,318 14,653,945 Operating charges† 0.72% 0.67% 0.74% Performance fees – – 0.68% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 160 . 70 160 . 30 154.80 Lowest share price 149.90 153 . 70 138 . 90
** 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. The OCF for the current period is an annualised figure.
Class S USD Income Hedged Shares
30/06/26 (cents per share)
31/12/25 (cents per share)
31/12/24 (cents per share) Change in Net Asset Value Per Share Opening net asset value per share 111.74 113 . 10 103 . 80 Return before operating charges* (3.12) 2 . 83 13 . 36 Operating charges (0.39) (0.81) (0.79)
Performance fees – – (1.02)
Return after operating charges* (3.51) 2 . 02 11 . 55 Distributions on income shares (0.67) (3.38) (2.25)
Closing net asset value per share 107 . 56 111.74 113 . 10 * after direct transaction costs of**: – (0.02) 0 . 19 Performance Return after charges (3.14)% 1.79% 11.13% Other Information Closing net asset value ($'000) 24 34 341 Closing number of shares 22,727 30,397 301,422 Operating charges† 0.72% 0.67% 0.74% Performance fees – – 0.96% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 114.50 117.40 113 . 90 Lowest share price 106 . 90 112.40 104.10
** Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transactions costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. † Operating charges, otherwise known as the OCF is the ratio of the 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. The OCF for the current period is an annualised figure.
FUND INFORMATION
COMPARATIVE TABLES continued For the financial period ended 30 June 2026
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PREMIER MITON TELLWORTH UK SELECT FUND
Class S Income Shares 30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 110 . 97 112 . 37 103 . 33
Return before operating charges* (3.12) 2 . 21 13 . 25 Operating charges (0.40) (0.76) (0.79)
Performance fees – – (1.17)
Return after operating charges* (3.52) 1.45 11 . 29
Distributions on income shares (0.67) (2.85) (2.25)
Closing net asset value per share 106 . 78 110 . 97 112 . 37
* after direct transaction costs of**: – (0.01) 0 . 19 Performance Return after charges (3.17)% 1.29% 10.93% Other Information Closing net asset value (£'000) 5,808 34,061 751 Closing number of shares 5,439,198 30,693,071 668,606 Operating charges† 0.72% 0.67% 0.74% Performance fees – – 1.10% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 113 . 80 116 . 20 113 . 20 Lowest share price 106 . 10 111 . 70 103 . 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. The OCF for the current period is an annualised figure.
Class S Accumulation Shares
30/06/26 (pence per share)
31/12/25 (pence per share)
31/12/24^ (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 114.80 113.41 110 . 70 Return before operating charges* (3.25) 2 . 16 2 . 85 Operating charges (0.41) (0.77) (0.10)
Performance fees – – (0.04)
Return after operating charges* (3.66) 1 . 39 2 . 71 Distributions (0.70) (2.88) (0.76) Distributions on accumulation shares 0 . 70 2 . 88 0 . 76 Closing net asset value per share 111.14 114.80 113.41 * after direct transaction costs of**: – (0.01) 0 . 20 Performance Return after charges (3.19)% 1.23% 2.45% Other Information Closing net asset value (£'000) 20,401 47,502 5,263 Closing number of shares 18,355,256 41,376,742 4,640,575 Operating charges† 0.72% 0.67% 0.74% Performance fees – – 0.24% Direct transaction costs – (0.01)% 0.18% Prices Highest share price 117 . 70 117 . 30 113 . 50 Lowest share price 109 . 80 112 . 60 109 . 60 ^ From 14 November 2024 to 31 December 2024 as the share class was launched on 14 November 2024. ** 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. The OCF for the current period is an annualised figure. ComparativeTablesEnd
FUND INFORMATION
COMPARATIVE TABLES continued For the financial period ended 30 June 2026
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PREMIER MITON TELLWORTH UK SELECT FUND
7
SYNTHETIC RISK AND REWARD INDICATOR (SRRI)
1 2 3 4 5
T y pi ca ll y l o w e r r e w a r d s L o w e r r i s k
6 7
T y pi ca ll y hi g he r r e w a r d s H i g he r r i s k
The sub-fund is ranked as 3 because it has experienced low to 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.
INVESTMENT OBJECTIVE AND POLICY
The investment objective of the Premier Miton Tellworth UK Select Fund is to achieve positive annual returns with lower volatility than the Deutsche Numis All Share Index. The sub-fund will seek to achieve returns that are in excess of one month SONIA (SONIA1M IR), after fees, over a three year rolling period though there is no guarantee that it will do so. Investors should note that capital is at risk, and, while the sub-fund aims to achieve positive returns in all market conditions over this period, there is no guarantee that it will do so over a three year rolling period, or any, time period. The portfolio will consist principally (at least 80%) of exposure to listed UK equity securities (defined as those issued by companies domiciled, incorporated or which have a significant proportion of their business in the UK). These companies will have market capitalisation of over £500m at the time of investment. Such exposure will typically be gained through derivative instruments which may give either long or short exposure to listed equity securities, but may also be gained via direct holdings. The sub-fund may also invest in other transferable securities, including fixed income (for example corporate and government bonds), money market instruments, cash and near cash. The sub-fund may invest in other collective investment schemes (including those managed by the ACD, the Investment Manager or an associate of the ACD or Investment Manager), but such investment will be limited to a maximum of 10% of the scheme property of the sub-fund. Derivatives may be used for both investment purposes and Efficient Portfolio Management (including hedging) in accordance with the FCA Rules. The use of derivative instruments as part of the investment policy may mean that the sub-fund may, from time to time, have substantial holdings in liquid assets including government securities, deposits and money market instruments. These can be converted into cash in a short period of time. Derivatives may be exchange traded or traded off exchange through market counterparties.
INVESTMENT REVIEW
PERFORMANCE The Premier Miton Tellworth UK Select Fund returned -3.24% over the period, with a strong start to the year being offset by particularly weak performance in March with the onset of the war in Iran, while the SONIA (Sterling Overnight Index Average) 1 Month returned 1.86%. The main contributors to returns over the period were our long positions (investments intended to benefit if a company’s share price rises) in Beazley, which received a takeover approach, and our position in Computacenter.
The main detractors from performance were a short position (an investment intended to benefit if a company’s share price falls) in an energy company, which rose significantly in March as energy prices rose because of the conflict in Iran, and our long in UK housebuilder Bellway, which suffered as UK interest rate expectations changed significantly. MARKET REVIEW It was a volatile period for markets with a sharp move lower in March following the outbreak of war in Iran, which led investors to move quickly into more defensive areas. In the UK, changing expectations around interest rates were another key driver. Hopes for interest rate cuts were pushed out and quickly moved to expectations for interest rate increases. This put pressure on more domestically focussed sectors of the UK market, including housebuilders. We also saw weakness in several companies where investors are increasingly concerned about the potential impact of artificial intelligence on future earnings. A growing number of UK-listed companies have received takeover approaches in recent months. PORTFOLIO ACTIVITY Given the constantly changing environment, we have been actively trading during the period with activity increasing in March as volatility increased and the outlook became less certain. We have recently increased our exposure to industrial companies that may benefit from improving economic conditions and have also added to our investments in semiconductor companies (companies that make computer chips used in a wide range of electronic devices) where we believe there could be increased spending on semiconductor equipment. We also have seen interesting opportunities to buy positions which we believe have been more heavily affected by concerns over AI than is justified. We remain somewhat cautious on the UK domestic economy, so we have increased short positions in companies that we believe are vulnerable to a weakening UK economy. We have also added similar short positions in companies that are likely to face higher costs as a result of increased commodity price inflation given the disruption to global supply chains arising from the war in Iran. OUTLOOK Looking ahead in the short term, global equity markets remain focussed on geopolitical developments, particularly in the Middle East, with the impacts on the oil price and global supply chains still uncertain. In the UK, we see renewed political uncertainty and markets are understandably focussed on the appointment of a new Prime Minister and Chancellor and what this could mean for the government’s tax and spending plans. This policy uncertainty is likely to create increased volatility in the domestically focussed areas of the UK market over the coming months. We believe that these factors could remain meaningful drivers of share prices in the short term. We continue to keep the fund fresh with new investment ideas, seeking to benefit from the changing economic and market environment whilst remaining balanced across the main risks affecting markets. Source: Premier Portfolio Managers Limited, June 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 Class A Accumulation (GBP) shares, on a total return basis from 01 January 2026 to 30 June 2026. Performance is shown net of fees with income reinvested. Past performance is not a reliable indicator of future returns. This sub-fund is priced on swing pricing basis. 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.
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PREMIER MITON TELLWORTH UK SELECT FUND
8
The top ten purchases and total sales during the period were as follows:
Purchases
Costs £'000 UK Treasury 0.00% 18/05/2026 84,233 UK Treasury 0.00% 08/06/2026 65,389 UK Treasury 0.00% 26/05/2026 59,455 UK Treasury 0.01% 15/06/2026 59,443 UK Treasury 0.00% 23/11/2026 58,827 UK Treasury 0.00% 14/12/2026 58,826 UK Treasury 0.00% 13/04/2026 54,481 UK Treasury 0.00% 07/12/2026 49,022 UK Treasury 0.00% 16/11/2026 49,003 UK Treasury 0.00% 05/05/2026 44,576
Total purchases during the period were 705,823
Sales
Proceeds £'000 UK Treasury 0.00% 08/06/2026 42,686 UK Treasury 0.00% 05/05/2026 24,951 UK Treasury 0.00% 13/04/2026 9,985 UK Treasury 0.00% 23/03/2026 9,954 UK Treasury 0.00% 18/05/2026 9,951
Total sales during the period were 97,527
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PREMIER MITON TELLWORTH UK SELECT FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Market Value £ '000
Total Value of Sub- F und % . . . . DEBT SECURITIES 95.49% (97.08%) Government Bonds 95.49% (97.08%)
United Kingdom 95.49% (97.08%) GBP 25,000,000 UK Treasury 0.00% 13/07/2026 24,969 7 . 23 GBP 25,000,000 UK Treasury 0 . 00 % 27/07/2026 24,933 7 . 22 GBP 10,000,000 UK Treasury 0 . 00 % 17/08/2026 9,951 2 . 88 GBP 4,000,000 UK Treasury 0.00% 24/08/2026 3,978 1 . 15 GBP 40,000,000 UK Treasury 0 . 00 % 07/09/2026 39,719 11 . 50 GBP 10,000,000 UK Treasury 0 . 00 % 21/09/2026 9,916 2 . 87 GBP 50,000,000 UK Treasury 0 . 00 % 16/11/2026 49,279 14.26 GBP 60,000,000 UK Treasury 0 . 00 % 23/11/2026 59,083 17 . 09 GBP 50,000,000 UK Treasury 0 . 00 % 07/12/2026 49,164 14.23 GBP 60,000,000 UK Treasury 0 . 00 % 14/12/2026 58,954 17 . 06 329,946 95.49
FINANCIAL DERIVATIVE INSTRUMENTS 0.71% (-0.16%)
Holding Investment
Underlying Exposure Derivatives £ '000
Market Value £ '000
Total Value of Sub- F und %
Contracts for Difference 0.71% (-0.03%) (882,312) CFD Abrdn 1 (2,111) (24) (0.01) 133,246 CFD Admiral 1 4,761 279 0 . 08 68,991 CFD Anglo American 1 2,594 (100) (0.03) 68,305 CFD ArcelorMittal 1 3,133 (74) (0.02) 6,085 CFD ASM International 1 5,209 (416) (0.12) 3,615 CFD ASML 1 5,214 64 0 . 02 (284,228) CFD Associate British Foods 1 (5,751) (406) (0.12) 53,733 CFD AstraZeneca 1 7,795 653 0 . 19 (895,442) CFD Aviva 1 (5,839) (67) (0.02) (1,261,823) CFD B&M European Value Retail 1 (2,486) (138) (0.04) (117,029) CFD BAE Systems 1 (2,153) (70) (0.02) 578,809 CFD Balfour Beatty 1 5,044 (49) (0.01) (2,851,257) CFD Baltic Classifieds 1 (5,415) 14 1,437,735 CFD Barclays 1 7,355 (63) (0.02) 296,128 CFD Bellway 1 5,792 113 0 . 03 (346,317) CFD BHP 1 (10,815) 377 0 . 11 749,037 CFD BP 1 3,529 (218) (0.06) 756,367 CFD Bridgepoint 1 1,997 176 0 . 05 (888,300) CFD British Land 1 (3,701) (126) (0.04) (1,419,625) CFD BT Group 1 (2,762) (29) (0.01) 1,766,632 CFD Canal 1 4,371 (131) (0.04) 42,280 CFD Carlsberg 1 4,231 59 0 . 02 (112,172) CFD Coca-Cola Europacific Partners 1 (8,581) (298) (0.09) 85,065 CFD Computacenter 1 3,659 (3) 2,346,145 CFD Convatec Group 1 5,082 216 0 . 06 100,730 CFD Cranswick 1 5,591 81 0 . 02 96,701 CFD CRH 1 7,952 (176) (0.05) (1,150,904) CFD Currys 1 (1,850) (89) (0.03) (668,096) CFD Deutsche Lufthansa 1 (5,707) (449) (0.13) 468,327 CFD Dunelm 1 3,747 35 0 . 01 3,435,599 CFD Elementis 1 5,373 14 (362,114) CFD Equinor ASA 1 (8,592) 125 0.04
Holding Investment
Underlying Exposure Derivatives £‘000
Market Value £‘000
Total Value of Sub-Fund % . . . . Contracts for Difference continued 137,280 CFD Experian 1 3,506 77 0 . 02 390,066 CFD Fevertree 1 3,112 (23) (0.01) (2,263,299) CFD FirstGroup 1 (4,286) (71) (0.02) 20,619 CFD Games Workshop 1 4,534 348 0 . 10 87,504 CFD Gea 1 4,528 127 0.04 1,681,015 CFD Genuit Group 1 4,707 162 0 . 05 132,261 CFD Glanbia 1 2,749 170 0 . 05 871,567 CFD Glencore 1 4,582 (283) (0.08) 1,823,594 CFD Haleon 1 6,455 408 0 . 12 194,799 CFD Halma 1 7,687 (47) (0.01) (256,460) CFD Hennes & Mauritz 1 (3,367) (43) (0.01) 161,344 CFD Hill & Smith 1 4,473 (149) (0.04) (1,221,149) CFD Husqvarna 1 (3,597) 49 0 . 01 335,301 CFD IG 1 6,163 (215) (0.06) (929,762) CFD Inchcape 1 (7,192) 274 0 . 08 900,368 CFD Informa 1 8,188 313 0 . 09 (481,860) CFD Kainos 1 (3,732) 5 (3,590,520) CFD Legal & General Group 1 (10,339) 13 4,573,810 CFD Lloyds Banking Group 1 5,092 97 0 . 03 (2,813,753) CFD Mitie Group 1 (4,249) (31) (0.01) (170,605) CFD MSBE UK 1 (16,626) 117 0 . 03 474,030 CFD National Grid 1 5,948 160 0 . 05 (1,222,323) CFD NIBE Industrier AB 1 (3,422) (50) (0.01) (829,075) CFD Ocado 1 (1,484) (69) (0.02) (626,377) CFD Pearson 1 (7,495) (401) (0.12) 1,788,754 CFD Pets at Home 1 3,230 154 0.04 (1,034,347) CFD QinetiQ 1 (4,337) 100 0 . 03 92,786 CFD Renishaw 1 4,762 (100) (0.03) 1,015,073 CFD Rentokil Initial 1 4,360 (15) 1,373,725 CFD Rightmove 1 6,062 246 0 . 07 (29,587) CFD Rio Tinto 1 (2,142) (10) 251,713 CFD Rolls-Royce 1 3,652 98 0 . 03 2,230,877 CFD Rosebank Industries 1 7,473 22 0 . 01 330,546 CFD Ryanair Holdings 1 7,792 276 0 . 08 (3,441,651) CFD Sainsbury (J) 1 (11,131) (616) (0.18) (65,493) CFD SEB 1 (2,638) 122 0.04 (1,013,462) CFD Serco Group 1 (2,264) 51 0 . 01 (148,499) CFD Severn Trent 1 (4,391) (111) (0.03) 166,592 CFD Shell 1 4,850 (162) (0.05) (326,766) CFD Signify 1 (4,654) 1,234 0 . 35 (33,858) CFD Sika 1 (5,254) (78) (0.02) (271,886) CFD SKF 1 (5,278) (8) (151,331) CFD Smith & Nephew 1 (1,721) (36) (0.01) (261,679) CFD Smiths 1 (6,753) 85 0 . 02 200,364 CFD Softcat 1 3,682 127 0.04 25,276 CFD Spirax 1 1,757 (4) 286,427 CFD SSE 1 7,048 226 0 . 07 (1,519,697) CFD SSP 1 (2,896) (113) (0.03) 352,080 CFD St. James's Place 1 4,283 181 0 . 05 187,808 CFD Standard Chartered 1 3,868 (22) (0.01) (127,471) CFD Sunbelt Rentals 1 (7,086) 747 0 . 22 (1,076,381) CFD Tesco 1 (5,001) (165) (0.05) (295,283) CFD The Sage Group 1 (2,437) (69) (0.02) (817,087) CFD Travis Perkins 1 (4,572) (147) (0.04) (212,871) CFD Vestas Wind Systems 1 (4,601) (83) (0.02) (638,280) CFD Vistry 1 (1,630) (72) (0.02) (6,714,993) CFD Vodafone Group 1 (6,883) 283 0 . 08
Page 11
10
PREMIER MITON TELLWORTH UK SELECT FUND
PORTFOLIO OF INVESTMENTS
As at 30 June 2026
Holding Investment
Underlying Exposure Derivatives £‘000
Market Value £‘000
Total Value of Sub-Fund % . . . . Contracts for Difference continued (287,921) CFD Volution 1 (1,774) (9) 163,294 CFD Zegona Communications 1 2,711 25 0 . 01 (688,528) CFD Zigup 1 (3,153) 62 0 . 02 7,535 2,437 0.71
Forward Currency Contracts 0.00% (0.00%) USD 41 Bought USD, Sold GBP 31 for settlement on 31/07/2026 – USD 24,549 Bought USD, Sold GBP 18,564 for settlement on 31/07/2026 – – Futures Contracts 0.00% (-0.13%)
Total Value of Investments 332,383 96.20 Net Other Assets 13,115 3 . 80 Total Net Assets 345,498 100.00
Figures in brackets represent sector distribution at 31 December 2025. Securities are admitted to an official stock exchange listing or traded on another regulated market unless otherwise stated. 1 OTC contracts based on underlying equities which are listed equities. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (ESMA) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument.
Page 12
11
PREMIER MITON TELLWORTH UK SELECT FUND
STATEMENT OF TOTAL RETURN
For the period ended 30 June 2026
30/06/26 30/06/25 £'000 £'000 £'000 £'000 Income Net capital (losses)/gains (17,126) 7,4 06 Revenue 17,0 91 21,2 95
Expenses (2, 104) (2, 596) Interest payable and similar expenses (12,422) (12,983)
Net revenue before taxation 2,5 65 5,7 16 Taxation – Net revenue after taxation 2,5 65 5,7 16 Total (loss)/return before distributions (14,561) 13,1 22
Distributions (2, 565) (5, 716) Change in net assets attributable to shareholders from investment activities (17, 126) 7,406
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
For the period ended 30 June 2026
30/06/26 1 30/06/25 £'000 £'000 £'000 £'000 Opening net assets attributable to shareholders 580,286 339,536 Movement due to sales and repurchases of shares: Issue of shares 62,858 335,257 Cancellation of shares (281,435) (90,374) (218,577) 244,883 Change in net assets attributable to shareholders from investment activities (17,126) 7,406 Retained distributions on accumulation shares 915 5,200 Closing net assets attributable to shareholders 345,498 597,025
1 Opening net assets attributable to shareholders for current period differs from the comparative period closing balance as they are not consecutive periods.
BALANCE SHEET
As at 30 June 2026
30/06/26 31/12/25 £'000 £'000 ASSETS
Investments 338,511 567,930 Amounts receivable 1,535 2,456 Cash and cash equivalents 22,973 25,291 Total assets 363,019 595,677
LIABILITIES
Investments (6,128) (5,527) Bank overdrafts (3,519) (4,089) Distribution payable (927) (2,866) Other amounts payable (6,947) (2,909) Total liabilities (17,521) (15,391) Net assets attributable to shareholders 345,498 580,286
On behalf of Premier Portfolio Managers Limited.
Nicola Stronach Director (of the ACD)
Gregor Craig Director (of the A CD) 2 5 August 2026
Page 13
12
PREMIER MITON TELLWORTH UK SELECT FUND
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in October 2025 ('SORP 2025') and in compliance with UK Financial Reporting Standard 104 Interim Financial Reporting ('FRS 104'). The Company has not applied the full disclosure requirements of FRS 102 as according to FRS 104, issued by the Financial Reporting Council, disclosures demanded by Financial Reporting Standards are generally not required for interim reports. The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2025 and are described in those financial statements. In this regard, comparative figures from previous periods are prepared to the same standards as the current period, with the exception on the basis of valuation of investments. As per SORP 2025, all investments are valued at their fair value using the mid prices determined at the last valuation point of the accounting period. The interim financial statements are prepared on a going concern basis. The ACD has made an assessment of the sub-fund's ability to continue as a going concern, and is satisfied they have the resources to continue in business for the foreseeable future and is not aware of any material uncertainties that may cast significant doubt on this assessment. This assessment covers the period of 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.
2. 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 10. The balance due to the ACD at period end in respect of management fees was £18,612 (31 December 2025: £27,543). At the period end, Premier Fund Managers Limited and Directors of the ACD, in aggregate held 0.03% (31 December 2025: 0.02%) of sub-fund’s shares in issue .
3. FAIR VALUE OF FINANCIAL ASSETS AND 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 Contracts for Difference – 8,565 – 8,565 Debt Securities 329,946 – – 329,946 329,946 8,565 – 338,511
Liabilities Contracts for Difference – (6,128) – (6,128)
– (6,128) – (6,128)
Valuation technique as at 31 December 2025
Level 1 £'000
Level 2 £'000
Level 3 £'000
Total £'000
Assets Contracts for Difference – 4,647 – 4,647 Debt Securities 563,283 – – 563,283 563,283 4,647 – 567,930
Liabilities Contracts for Difference – (4,795) – (4,795) Futures Contracts (732) – – (732) (732) (4,795) – (5,527)
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).
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