Que si la Asamblea Nacional no llegare a regular la prueba de oficio del modo antes indicado es necesario exigir que la misma Asamblea Nacional

COMPARATIVE TABLES

Performance Record

Calendar Year High (p) Low (p) Institutional Accumulation Shares 20101 _{100.00 99.57} 20112 _{100.93 98.59} Retail Accumulation Shares 20101 _{100.00 99.57} 20112 _{100.93 98.59} Accumulation Record

Net Income per Calendar Year Share (p) Institutional Accumulation Shares 20112 _- Retail Accumulation Shares 20112 _-

Net Asset Value (NAV)

Shares in NAV per Share

As at Issue (p)3 Institutional Accumulation Shares 28/02/2011 18,488,589 99.68 Retail Accumulation Shares 28/02/2011 9,426 99.66 NAV of Sub-Fund Total NAV (£) 28/02/2011 18,439,448 1 _{From 21st December 2010.} 2 _{To 28th February 2011.}

3 _{The net asset value per share is calculated on a bid basis and excludes any}

distribution payable.

TOTAL EXPENSE RATIO (TER)

28/02/11

Retail 2.07%

Institutional 1.57%

The TER shows the annual operating expenses of the sub-fund including the annual management charge and other expenses. It does not include transaction charges. Funds highlight the TER to help you compare the annual operating expenses of different schemes. The TER for income and accumulation shares is the same. These are estimated rates based on the projected fund sizes and expenses.

INVESTMENT OBJECTIVE AND POLICY

The Premier Worldwide Growth Fund aims to provide long term capital appreciation.

The sub-fund will achieve this principally through investment in collective investment schemes (both regulated and unregulated structures) and structured products and other assets which, in the Investment Adviser’s opinion have a high potential for capital and/or income growth. The sub-fund may therefore invest in exchange traded funds, transferable securities (such as bonds and shares, both quoted and unquoted), and closed end investment companies. The sub-fund may also invest in money market instruments, deposits, cash and near cash, and may borrow and may enter into stocklending and underwriting arrangements. The sub-fund may invest in derivatives and forward transactions for investment purposes as well as for the purposes of efficient portfolio management (including hedging).

INVESTMENT REVIEW

PERFORMANCE

Over the period since launch on 21 December 2010 to 28 February 2011, the Premier Worldwide Growth Fund fell by 0.07%.

MARKET REVIEW

The period since launch of the Fund has been an interesting one for global stock markets. In late December rising food prices were the primary cause of the unrest that eventually led to a revolution in Tunisia. This revolutionary fervor subsequently spread through Egypt, Libya, Yemen and Bahrain and has resulted in a G7 backed military action against major oil producer Libya’s leader Colonel Muammar Gaddafi. The fear of oil supply disruptions pushed oil prices higher, threatening to hit the global economic recovery which was evident through the latter part of 2010. The flight to safe havens also saw Gold prices test their recent heights.

Equity markets in the main were reasonably stable given this new threat, but much of this has been due to a concerted and continued monetary expansion. Emerging markets which performed well in 2009 and 2010 lost some ground during the period as investors moved away and favoured the better valued more developed markets.

PORTFOLIO ACTIVITY

We took advantage of the market weakness following the geopolitical tension in North Africa and the Middle East and increased our weightings to the existing holdings in Asia, Europe, Japan, UK and North America. These were First State Asia Pacific, BlackRock European Dynamic, GLG Japan Core Alpha, BlackRock UK Special Situations and Alliance RCM US Equity funds respectively. We also added a new counterparty to the Fund via the addition of a new structured product from Nomura, which is linked to the FTSE 100 and offers an element of protection at maturity.

Furthermore, we made a new acquisition at the beginning of February 2011 when we purchased the BNP Vol Edge Spread 70/30 product. This particular product is designed to offset the impact of any sudden market corrections which would cause volatility to spike higher. By holding a relatively small percentage we should be able to dampen down any negative impact to the Fund.

OUTLOOK

Recent geological events in Japan, namely the earthquake and resulting tsunami, highlight how natural disasters can affect global markets. However, we believe that there has not been serious overall damage to the medium term business sustainability of many Japanese companies.

Economic activity is likely to decline in the short term, but with the progress in relief work and the recovery in infrastructure, we believe the economy should recover, particularly given the Japanese authorities injection of money to provide liquidity and stability to financial markets. In addition, recent G7 intervention on Yen currency strength should be supportive for Japanese exporters.

Corporate and sovereign debt yields are expected to rise in 2011 and be vulnerable to speculation over the timing of interest rate rises as well as inflation rates, particularly in the UK post the VAT increases. It is for this reason that we cannot see any value in holding bonds. We also feel that equity markets remain good value and at this point in time favour structured products and long only funds.

Source: Premier Fund Managers Limited, March 2011. Performance data taken from Financial Express Analytics, quoted on a total return, bid to bid, UK sterling basis. Past performance is not a guide to future returns.

The top ten purchases and total sales during the period were as follows: Purchases Costs Sales Proceeds

£’000 £’000

Nomura Bank 0% 29/01/2016 2,000 Barclays 0% 20/10/2014 1,884 Symphony Structure Preference Shares Linked to FTSE 100 1,515 Societe Generale Acceptance 0% 27/01/2015 1,497

BlackRock European Dynamic There were no sales during the period Fund Class ‘D’ 1,492

Morgan Stanley 0% 29/05/2012 1,182 GLG Japan Core Alpha 950 HSBC Bank 01/02/2016 910 BlackRock UK Special Situations ‘D’ 901 Morgan Stanley 0% 13/05/2016 615

Total purchases during Total sales during

PREMIER WORLDWIDE GROWTH FUND