Fund Investment Objectives

The Premier Australian Share Fund attempts to identify and then take advantage of industry sectors that will outperform the Australian market as a whole in an effort to out-perform the ASX200 Accumulation Index over a 5 year period. The Fund's portfolio is constructed in accordance with Premier's investment methodology. Investment strategies to be used in the Fund include sector selection strategy and a hedging strategy. The sector selection strategy involves skewing the Fund's Australian share portfolio to what Premier believes to be the strongest performing sector. The hedging strategy involves hedging the portfolio with derivatives in order to mitigate possible losses in expected bear markets. The Fund has the flexibility to invest in further strategies and/or investments if it considers that they will enhance the probability of achieving its stated objective. In selecting appropriate trades for the Fund, particular emphasis is placed on being able to execute strategies in a targeted, cost efficient and risk controlled manner. Instruments and securities including listed Australian shares (equity securities), cash deposits, futures and options may be used in this process. Exchange traded derivatives may be used to protect the portfolio or selected shares against adverse movements in market prices or to gain market exposure. Depending on the level of long and short positions in the Fund the net exposure to the market may vary from 0% to 100%. AUM is not disclosed.