News

05/02/2009 - Trading Note Liberation V

Mark Lyttleton has served us extremely well, with strong outperformance of peers and index since we purchased the
fund. His success has resulted in further fund responsibilities for which there is the potential for distraction from his
original mandates.

Within our portfolios, we had consciously increased the number of our holdings in the latter half of last year to diversify our manager risk. We have now sought to develop greater conviction within our fund holdings. With Mark having taken his portfolio to a more market neutral stance, we have sold Blackrock UK Dynamic and added to existing
holdings where weightings had drifted down.

This note is for information purposes and is only to be issued to financial intermediaries. It expresses the opinion of the fund
managers and does not constitute advice.

All data sourced to Premier Fund Managers Ltd unless otherwise stated.

This document is issued by Premier Fund Managers Limited, Eastgate Court, High Street, Guildford, Surrey GU1 3DE which is
authorised and regulated by the Financial Services Authority of 25, The North Colonnade, Canary Wharf, London E14 5HS. Premier
Portfolio Managers Limited and Premier Fund Managers Limited are members of the Premier Asset Management Marketing Group.

Premier Portfolio Managers Limited is also a member of the Investment Management Association. 0902222cc

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