Important notification Background Premier Miton currently offers a range of twenty multi-asset funds, covering four specialist investment teams and styles, including ten successful multi manager funds managed by a highly experienced investment team led by the head of multi manager funds, David Hambidge, and deputy head and head of research, Ian Rees. Our multi manager funds have delivered strong income, volatility managed, growth and wealth preservation outcomes for investors. We understand that the cost of investing is a key consideration for advisers and individual investors, alongside achieving good investment outcomes. In October 2020 we announced that we were introducing an OCF cap for our range of four Liberation volatility managed funds, which will be 0.99% by the end of February 2021. Because of their holdings in collective investment schemes such as other funds and investment trusts, our multi manager funds have relatively high OCFs compared to other types of multi asset funds e.g. directly invested or passive multi asset solutions. Following the merger of Premier and Miton we are also able to consider how to offer relevant multi asset solutions across a broader range of distinctive multi asset investment teams and styles. Following the completion of our recent review of our multi manager funds, we are announcing a number of changes. We will continue to offer nine funds managed by our successful multi manager team, covering all of the current outcome objectives – income, volatility managed, growth and wealth preservation. Many of these funds will have lower OCFs and OCF caps but will continue to focus on carefully-chosen active managers alongside investing in passive funds where deemed appropriate to reduce costs. The fund management of our Premier Miton Multi-Asset Conservative Growth Fund and Premier Miton Multi-Asset Growth & Income Fund will move to David Jane and Anthony Rayner, which will lead to significantly lower OCFs compared with the existing strategy. The investment objectives of these funds will not change and it is not expected that the risk profiles of either fund will change. We believe these changes will be attractive to existing and new investors, by offering continued access to a full range of multi manager focused multi asset solutions, including a large number of these funds at lower costs. We are also pleased to announce we will be offering a sustainable focused multi asset fund, managed by Neil Birrell, Premier Miton’s Chief Investment Officer and manager of the successful Diversified multi asset fund range. Premier Miton’s multi manager funds will continue to be managed by our multi manager team led by Investment Director, David Hambidge, and Head of Research, Ian Rees and including 4 additional fund managers. Wayne Nutland, the manager of the Premier Miton Managed Index Balanced Fund, is joining the multi manager team as a fund manager at the start of February 2021. He is an experienced fund manager in asset allocation, portfolio construction and ETF selection and he will leverage his expertise to actively select low cost index tracking investments in the multi manager portfolios where deemed appropriate. 1.20% OCF cap for Premier Miton Multi-Asset Distribution Fund Managed by our experienced multi manager team, with a continued focus on funds managed by carefully-chosen active managers they believe will add value for investors, including by outperforming their relevant market. New OCF cap of 1.20% from 30 June 2021 compared with the current OCF of 1.54% (class C shares). The OCF reflects that generating a higher, reliable income can involve higher costs, whether investing actively or passively. And within asset classes, income strategies often require higher levels of manager or stock selection in order to build a robust income strategy. There is no change to the investment objective or expected risk profile. Although the focus will be on external active managers, the investment team may also invest in Premier Miton active funds if they believe it will help the fund meet its objective and will invest in passive investments where deemed appropriate to reduce costs, with active manager selection focused on areas with the greatest potential for generating attractive levels of income and capital growth. Premier Miton Multi-Asset Monthly Income Fund will not include an OCF cap. 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. The objective of the fund is to provide income together with capital growth over the long-term, being five years or more. 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 over this, or any other, specific time period and there is a risk of loss to the original capital invested. Income will be paid four times a year as dividend distributions. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to facilitate comparison between funds with broadly similar characteristics. The fund is classified in the IA Mixed Investment 20% to 60% Shares sector, which we believe is a meaningful comparator to help investors assess the performance of the 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 Income paid four times a year, as dividends per share A diversified, multi-asset, multi-manager portfolio Invests in different funds and investments, managed by specialist fund managers, providing exposure to a range of assets including bonds, company shares, property investments and alternative assets Actively managed Managed by our highly experienced multi-asset, multi-manager team Fund snapshot | Square Mile Talking factsheet | Square Mile 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 priority is to receive a regular income; who can invest for the long term, which means at least 5 years; 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. This 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.