Premier Miton Tellworth Investment Funds- Premier Miton Tellworth UK Dynamic Absolute Return A EUR H

The Fund has the objective of generating returns in excess of a target benchmark, which is one month SONIA (Sterling Overnight Index Average), net of fees, over a three year rolling period. This is the target benchmark for the Fund and has been chosen as the Fund has a lower risk / return investment strategy and SONIA is the interest rate at which banks lend money to one another, which reflects returns from a low-risk investment (cash). The benchmark is used only for performance comparison purposes and does not, in any way, constrain investments that can be made for the Fund. Details of what investments can be made for the Fund are contained in the investment policy, which is stated in the Fund Prospectus. Investors should note that capital is at risk and, while the Fund aims to achieve positive returns in all market conditions, 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). The Investment Adviser can invest in different sized companies (by market capitalisation) from very large to small companies, and across any type of industry sector. Exposure to these companies will typically be through derivatives, which provide either long or short exposure to listed UK companies, but may also be through direct investment in those companies. The Fund may also invest in other transferable securities, including fixed income (for example corporate and government bonds), money market instruments, cash, near cash and deposits. This may be through the use of collective investment vehicles (including exchange traded funds and collective investment schemes) which may include collective investment vehicles managed by the ACD or its associates or the Investment Adviser or its associates. Investment in collective investment schemes will be limited to a maximum of 10% of the Fund. Derivatives will be used for both investment purposes and Efficient Portfolio Management (including hedging) in accordance with the FCA Rules. The use of derivative instruments may mean that the 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. The Fund is actively managed which means that the Investment Manager will choose the investments, currencies and markets held in the Fund but always within the boundaries outlined in the Fund’s objective and policy. The base currency of the Fund is pounds sterling. The full investment objective and policy, which outline all the eligible investments, are available in the Fund’s prospectus. You can buy, sell and switch shares in the Fund on any UK business day. We will need to receive your instruction before 12 noon to buy shares at that day’s price. Terms explained: Accumulation shares: any income made by the Fund will be reinvested to grow the value of your investment. Corporate bonds: Issued by companies and similar to a loan in nature, usually paying a fixed rate of interest. Derivatives: this is a financial contract whose value is related to the value of an underlying asset or index, often used with the aim of managing risk or enhancing returns. Hedge: an investment which aims to reduce the risk of adverse price movements in an asset or group of assets. Bonds: Issued by companies or governments and similar to a loan in nature, usually paying a fixed or variable interest rate. Efficient portfolio management: managing the Fund in a way that is designed to reduce risk or cost and/or generate extra income or growth. Long/short fund: a fund that aims to benefit from the increase in value and decrease in value of different assets held in the portfolio.