Following FCA approval, on 27 November 2020, ‘Miton’ was added to the name of the fund to reflect the merger of Premier Asset Management Group plc and Miton Group plc which took place in November 2019 to form the Premier Miton group. Notification: On 05 January 2021, the investment objective and investment policy of this fund were updated to provide further clarity about how the fund is managed by the investment team to maintain a specific risk profile. The prospectus has also been updated to include an investment strategy which provides more detail on how the investment team manage the fund and expands on how the risk profiling of the fund is undertaken. A summary of the changes, and the investment strategy, are provided here The objective of the fund is to provide an income together with capital growth over the long-term, being five years or more, whilst seeking to remain within a defined risk profile with defined volatility parameters which may result in the income and the capital growth from the fund being constrained. The investment team will aim to maintain a risk profile classification of 5 as set and monitored by an external third party risk rating company. Five years is also the minimum recommended period for holding shares in this Fund. This does not mean that the fund will achieve the objective throughout this, or any other, specific time period and there is a risk of loss to the original capital invested. The four Premier Miton Liberation funds are as follows: Lower expected risk profilePremier Miton Liberation No. IV FundPremier Miton Liberation No. V FundPremier Miton Liberation No. VI FundPremier Miton Liberation No. VII FundHigher expected risk profile Premier Miton Liberation No. V Fund is part of our range of four Liberation funds. Each of the four Premier Miton Liberation funds is managed to have a different level of risk compared to the other funds, to meet different risk preferences and profiles of investors. The funds are managed by the same investment team and invest in a multi-asset portfolio across bonds, company shares (equities), property investments and alternative assets, and are invested in different underlying funds managed by different specialist fund managers. Each fund will have different investment allocations to reflect their different risk profiles. The Dynamic Planner risk profiling service is being used to profile the fund’s investment portfolio. Dynamic Planner is provided by Distribution Technology, an independent company that offers risk profiling services for funds and portfolios. Dynamic Planner offers risk profiles on a scale of 1 (lowest) to 10 (highest). The investment team will aim to maintain a risk profile classification of 5 as set and monitored by Dynamic Planner. This risk profile classification is different from the SRRI for the fund. Whilst the fund will be managed to meet the risk profile, it will not be managed to maintain the SRRI, which may change over time. Whilst Dynamic Planner is currently being used, we may change the risk profiling service to another independent company in the future. 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. As a result of the fund’s investment strategy, we believe that the IA Mixed Investment 20% to 60% shares sector is an appropriate sector to use to evaluate the performance of this fund. There is no guarantee that the fund will achieve its objective. The full investment objective and investment policy for the fund are published in the fund’s Prospectus. Dividend payments: In certain conditions, companies may reduce or even suspend paying dividends until those conditions improve. This could impact the amount of income distributed by the fund. The past performance of an investment is not a guide to its future performance; the value of an investment and any income from it can go down as well as up. There is a risk that you could get back less than you invested. Find out more In brief A diversified, multi-asset, multi-manager portfolio Invests in different funds, managed by specialist fund managers, that are invested across a range of assets including bonds, company shares, property investments and alternative assets Income paid twice a year, as dividends per share Actively managed Managed by our highly experienced multi-asset, multi-manager team The fund might be suitable for investors: who have basic investment markets knowledge or experience of the basic characteristics and risks of funds; who understand that all of their investment is at risk; whose main investment priorities are to receive an income and grow the value of their original investment; who can invest for the long term, which means at least 5 years; who understand that the amount of income they will receive is not guaranteed and can go up and down; who understand that there are no guarantees that they will get back the full amount originally invested when they come to sell their investment; and who have consulted with an authorised financial adviser. The fund might not be suitable for investors: who need to fully protect their investment; who want on-demand full repayment of the amount invested; who have no tolerance for risk; who are unable to accept the possibility that they may not get back the full amount originally invested when they come to sell their investment; who are looking to invest for less than 5 years; and who are looking for a guaranteed level of growth on their original investment or a guaranteed amount of income. The suitability descriptions above are for guidance only. We would always strongly recommend that investors consult with a financial adviser who can help assess risk profiles and the suitability of a fund. We are unable to provide individual investment advice or advise on the suitability of this fund for individual investors. Before making an investment commitment, investors should: Consult with an authorised financial adviser. Read the fund’s ‘Key Investor Information Document’. Read the ‘Supplementary Information Document’. Understand and feel comfortable with the risks summarised in the Key Investor Information Document and detailed in the fund’s Prospectus. Like to know more? If you are interested in this fund or would like any further information, please contact us. Email us Investment team The seven-strong investment team includes five experienced investment managers, with an average of 22 years of investment industry experience.