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					Premier UK Money Market Fund
Interim Report and Financial Statements (unaudited)
For the period from 1st August 2010 to 31st January 2011




                                        PREMIER
                                        ASSET MANAGEMENT
                                                                                                      INDEX

Management and Administration
Registered Office and Directors ...................................................................2
Fund Information ........................................................................................2
Report of the Manager to the Unitholders of the Fund ................................2
Directors’ Statement ...................................................................................2


The Premier UK Money Market Fund
Comparative Tables .....................................................................................3
Total Expense Ratio .....................................................................................3
Portfolio Turnover Rate ...............................................................................3
Investment Objective and Policy ..................................................................3
Investment Review ...................................................................................3-4
Portfolio of Investments ..............................................................................5
Statement of Total Return, Statement of Change in Net Assets Attributable
to Unitholders & Balance Sheet ...................................................................6
Note to the Financial Statements.................................................................7
Distribution Tables.......................................................................................7




                                                                                                              1
                                             MANAGEMENT AND ADMINISTRATION

The Manager and registered office of the Premier UK Money Market Fund                 REPORT OF THE MANAGER TO THE UNITHOLDERS OF THE FUND
(“the Fund”):
                                                                                      The Manager presents its report and unaudited financial statements of the Fund
                              PREMIER PORTFOLIO MANAGERS LIMITED                      for the period 1st August 2010 to 31st January 2011.
                              Eastgate Court, High Street,
                                                                                      This report has been prepared in accordance with the requirements of the
                              Guildford, Surrey, GU1 3DE
                                                                                      Collective Investment Schemes Sourcebook as issued and amended by the
Premier Portfolio Managers Limited is authorised and regulated by the Financial       Financial Services Authority.
Services Authority (“FSA”) and is a member of the Investment Management
Association (“IMA”). Premier Portfolio Managers Limited and Premier Fund              DIRECTORS’ STATEMENT
Managers Limited are both members of the Premier Asset Management
Marketing Group.                                                                      In accordance with the Regulations, we hereby certify the report on behalf of
                                                                                      the directors of Premier Portfolio Managers Limited.
DIRECTORS OF THE              Mike O’Shea (Chairman)
MANAGER:                      Neil Macpherson (Finance Director)
                              Simon Weldon (Managing Director, Sales and
                              Marketing)
                              Mark Friend (Managing Director, Operations)
                              Mike Hammond (IFA Sales Director)

INVESTMENT ADVISER:           Premier Fund Managers Limited is the Investment         Neil Macpherson                       Mark Friend
                              Adviser to the Premier UK Money Market Fund.            Finance Director (of the Manager)     Managing Director, Operations (of the Manager)
                                                                                      25th March 2011
TRUSTEE:                      The Royal Bank of Scotland plc
                              Trustee & Depositary Services
                                                                                      CLOSED FUNDS
                              The Broadstone,
                                                                                      Following the closure of the Premier Money Market Fund on 31 January 2008,
                              50 South Gyle Crescent,
                                                                                      we can report that this fund is now fully wound up and that the final audited
                              Edinburgh, EH12 9UZ                                     termination accounts have been prepared and audited. Copies of these
                                                                                      termination accounts dated 31 October 2010 are available free of charge by
AUDITOR:                      Grant Thornton UK LLP                                   calling Premier on 01483 306090.
                              30 Finsbury Square,
                              London, EC2P 2YU
                                                                                      IMPORTANT CHANGES

ADMINISTRATOR &               Northern Trust Global Fund Services Limited             Following an EGM on the 20 January 2011, the following changes were made
                                                                                      to the Fund and became effective as at 21 January 2011.
REGISTRAR:                    PO Box 55736,
                              50 Bank Street,                                         1) Adoption of wider investment powers by the Fund, in line with COLL rules.
                              Canary Wharf,                                           2) Amendment to the Fund’s investment policy, in line with COLL rules.
                              London, E14 1BT
                                                                                      3) Introduction of new charges payable out of the scheme property of the Fund.
                                                                                      4) Introduction of new eligible securities markets and eligible derivatives markets,
FUND INFORMATION                                                                         in line with COLL rules.
The Fund is an authorised unit trust scheme under section 237 of the Financial
Services and Markets Act 2000 and is constituted by its Trust Deed.
The Fund is a UCITS scheme which complies with the FSA’s Collective Investment
Schemes sourcebook.




                                                                                  2
                                       PREMIER UK MONEY MARKET FUND

                        COMPARATIvE TABLES
                                                                                                                                              NAv of Fund
Performance Record                                                       Total NAV                                                                     (£)
Calendar Year                         High (p)           Low (p)         31/07/2009                                                           100,806,114
Income Units                                                             31/07/2010                                                           108,403,732
2006    1
                                        50.35              49.89         31/01/2011                                                           100,927,584
2007                                    50.61              49.88         1
                                                                             From 7th September 2006 to 31st December 2006.
2008                                    50.84              49.90         2
                                                                             To 31st January 2011.
2009                                    50.61              50.11
                                                                         3
                                                                             The net asset value per unit is calculated on a bid basis and excludes any
2010                                    50.28              50.13
                                                                             distribution payable.
20112                                   50.28              50.26

Accumulation Units                                                                                   TOTAL EXPENSE RATIO (TER)
20061                                  113.08             109.40
                                                                                                                                                   31/07/10
2007                                   117.81             113.12
                                                                                                                                                     0.60%
2008                                   123.07             117.79
                                                                         The TER shows the annual operating expenses of the Fund including the annual
2009                                   125.62             123.12
                                                                         management charge and other expenses. It does not include transaction
2010                                   126.15             125.63         charges. Funds highlight the TER to help you compare the annual operating
20112                                  126.19             126.13         expenses of different schemes. The TER for income and accumulation units is
                                                                         the same.
Income/Accumulation Record
                                                                                              INvESTMENT OBJECTIvE AND POLICY
                                                  Net Income per
Calendar Year                                             Unit (p)
                                                                         The investment objective of the Premier UK Money Market Fund is to generate
Income Units                                                             income.
20061                                                     1.6279
                                                                         The Fund will achieve its objective through the active management of a
2007                                                      1.9539         diversified portfolio of UK deposits and short dated money market instruments.
2008                                                      2.1508         The Fund may also invest in other deposits and money market instruments,
                                                                         transferable securities, collective investment schemes, bonds, warrants, cash
2009                                                      1.1162
                                                                         and near cash. The Fund may also borrow and may enter into stock lending
2010                                                      0.1908         and underwriting arrangements.
20112                                                     0.0472
                                                                         The Fund may also invest in derivatives for both efficient portfolio management
Accumulation Units                                                       purposes (including hedging) and in order to achieve the Fund’s investment
                                                                         objective.
2006                                                      3.5924
2007                                                      4.4665
                                                                                                        INvESTMENT REvIEW
2008                                                      5.1250
2009                                                      2.7514         PERFORMANCE
2010                                                      0.4769         Over the interim period the Fund returned +0.23% as compared to +0.16%
20112                                                     0.1184         from the IMA Money Market sector.
                                                                         MARKET REVIEw
Net Asset Value (NAV)
                                                                         The UK base rate was held at the emergency level of 0.50%. January’s Monetary
                                       Units in    NAv per Unit          Policy Committee (MPC) decision was split three ways, although noticeably
As at                                    Issue             (p)3          Andrew Sentence was joined by another voice in voting for a rate hike. In
Income Units                                                             fact, overall the minutes revealed more of an appetite by the MPC to tighten
                                                                         policy amid heightened inflation concerns. The Consumer Price Index came in
31/07/2009                         73,697,396              50.34
                                                                         higher than the consensus forecast, raising the annual inflation rate to 3.7%.
31/07/2010                         64,745,162              50.24         Inflation expectations and the consensus forecasts have both risen and the Bank
31/01/2011                         58,526,831              50.26         of England Governor will soon be preparing his fifth consecutive letter to the
                                                                         Chancellor of the Exchequer explaining the reasons. However, towards the end
Accumulation Units                                                       of the reporting period, the surprise -0.5% contraction in GDP (Gross Domestic
31/07/2009                         50,961,940             125.01         Product) was more than December’s snow fall could explain. Therefore, the base
31/07/2010                         60,289,806             125.85         rate is likely to remain unchanged during the next few months. Unfortunately,
                                                                         the subdued outlook for housing and the Bank of England’s Credit Conditions
31/01/2011                         56,698,181             126.13         Survey also provide little to smile about.

                                                                         PORTFOLIO ACTIVITy
                                                                         The Premier UK Money Market Fund continues to rank top quartile in the IMA
                                                                         Money Market Sector for all standard reporting periods from six months to ten
                                                                         years, whilst having some of the lowest risk statistics in the sector. Stable returns
                                                                         and a cash-like profile remain the key characteristics of the Fund.




                                                                     3
                                                    PREMIER UK MONEY MARKET FUND

Despite some gloomy economic releases, Sterling LIBOR rose at a faster rate
towards the end of January, perhaps stirred by the MPC minutes. In previous
months we had gradually reduced the maturity profile of the Fund but we took
this as an opportunity to extend to 87 days as we still believe we have at least
a few months before money market rate rises will offset the additional yield
obtained by depositing money for longer periods. However, the two year gilt
yields the most, relative to the base rate, in more than seven years, depicting the
expectation of base rate rises during the year. These rate rises may occur sooner
or sharper than the majority of the market anticipates therefore we continue
to hold an enlarged exposure to floating rate notes. In addition, approximately
two thirds of the Fund is now in the two month maturity category or shorter
which means as rates rise we can quickly redeposit at higher levels increasing
the yield of the Fund.

OUTLOOK
We would expect the returns from cash to be much more competitive with
inflation during the next few years and the yield on the Fund to rise despite a
shorter maturity profile.
Source: Premier Fund Managers Limited, February 2011. Performance figures
are taken from Financial Express Analytics and are quoted on a bid to bid, total
return, UK sterling basis.
The top ten purchases and sales during the period were as follows:
Purchases                          Costs    Sales                       Proceeds
                                  £’000                                     £’000
Lloyds Banking Group CD                     European Investment Bank
1.45% 24/10/2011                  5,700     FRN 06/08/2010                10,748
GE Capital UK Fund 4.75%                    Merrill Lynch 5.125%
15/03/2011                        5,175     24/09/10                        7,846
ING Bank CD 0.72%                           GE Capital UK Fund 4.75%
10/08/2010                        5,000     15/12/2010                      7,825
HBOS Treasury 4.375%                        Lloyds Banking Group CD
22/12/2010                        4,745     0.86% 19/08/2010                6,000
Rabobank FRN 11/10/2011           4,003     Lloyds Banking Group CD
Lloyds Banking Group CD                     1.45% 20/06/2011                5,705
1.05% 25/02/11                    4,000     Credit Agricole CD 0.75%
Credit Agricole CD 0.98%                    20/09/2010                      5,000
07/03/2011                        3,000     Nationwide Building Society
Rabobank CD 3M LIBOR + 6bp                  CD 0.66% 06/09/2010             5,000
17/08/2011                        3,000     ING Bank CD 0.72%
Societe Generale CD 0.66%                   10/08/2010                      5,000
01/12/2010                        3,000     HBOS Treasury 4.375%
The Royal Bank of Scotland                  22/12/2010                      4,732
CD 1.00% 26/07/2011               3,000     Lloyds Banking Group CD
                                            1.05% 25/02/11                  4,000


Total cost of all securities                Total proceeds from all
purchased                       155,245     securities sold         152,835




                                                                                      4
                                               PREMIER UK MONEY MARKET FUND

                       PORTFOLIO OF INvESTMENTS

As at 31st January 2011                                                 Total                                                                                     Total
                                                            Market   Value of                                                                       Market     Value of
                                                             Value      Fund                                                                         Value        Fund
  Holding    Investment                                      £’000         %           Holding     Investment                                        £’000           %
             CORPORATE BOND 42.51% (38.17%)                                                        CASH DEPOSIT - STERLING 0.00% (5.77%)
  800,000    ANZ Banking Group 4.75% 30/03/2011                805       0.80
5,000,000    Bank of America FRN 02/02/2011*                 5,000       4.96
  250,000    BNP Paribas 6.125% 27/05/2011                     254       0.25                      Total Value of Investments                      103,675      102.72
2,000,000    BNP Paribas FRN 29/09/2011*                     2,001       1.98
2,900,000    Citigroup FRN 10/08/2011*                       2,891       2.86                      Net Other Liabilities                             (2,747)      (2.72)
2,770,000    Citigroup 5.25% 14/06/2011                      2,807       2.78
1,000,000    Citigroup FRN 01/2012 *                           991       0.98                      Total Net Assets                                100,928      100.00
2,000,000    Commonwealth Bank of Australia 6.00%
             18/03/2011                                      2,011       1.99
1,000,000    Countrywide Financial 5.125% 17/02/2011         1,000       0.99
                                                                                    Figures in brackets represent sector distribution at 31st July 2010.
2,000,000    Credit Agricole FRN 02/02/2011*                 2,000       1.98
2,923,000    GE Capital European Fund Ireland 4.75%                                 *Floating Rate Investments.
             15/06/2011                                      2,959       2.93
8,200,000    GE Capital UK Fund 4.75% 15/03/2011             8,231       8.17
3,250,000    Merrill Lynch 6.644% 16/02/2011                 3,256       3.24       Debt Security Rating Allocation is as follows:
  700,000    Morgan Stanley 7.50% 11/04/2011                   707       0.70
2,060,000    National Australia Bank FRN 08/08/2011*         2,060       2.04       Rating                                                Percentage of Debt Securities
4,000,000    Rabobank FRN 11/10/2011*                        4,002       3.98                                                                                        %
1,000,000    Rabobank Nederland FRN 20/07/2011*              1,000       0.99       A-1+                                                                         44.80
  700,000    Royal Bank of Scotland FRN 20/04/2011*            701       0.69       A-1                                                                          55.20
  200,000    Santander International Debt FRN 18/07/2011*      199       0.20
                                                            42,875     42.51

             CERTIFICATES OF DEPOSIT 60.21% (55.61%)

2,000,000    Barclays CD 1.00% 16/05/2011                    2,000       1.98
2,000,000    Barclays CD 1.00% 05/07/2011                    2,000       1.98
2,000,000    Barclays CD 1.22% 03/05/2011                    2,000       1.98
3,000,000    Credit Agricole CD 0.88% 15/04/2011             3,000       2.97
3,000,000    Credit Agricole CD 0.98% 07/03/2011             3,000       2.97
1,000,000    Credit Agricole CD 1.05% 11/07/2011             1,000       0.99
2,000,000    Fortis Bank CD 0.73% 11/04/2011                 2,000       1.98
2,000,000    Fortis Bank CD 0.70% 05/04/2011                 2,000       1.98
2,000,000    ING Bank CD 0.73% 10/02/2011                    2,000       1.98
2,000,000    ING Bank CD 1.45% 01/12/2011                    2,000       1.98
2,000,000    ING Bank CD 1.02% 20/06/2011                    2,000       1.98
3,000,000    Lloyds Banking Group CD 0.92% 27/06/2011        3,000       2.97
2,000,000    Lloyds Banking Group CD 1.015% 07/04/2011       2,000       1.99
2,000,000    Lloyds Banking Group CD 1.45% 24/10/2011        2,000       1.98
2,000,000    Nationwide Building Society CD 1.00% 26/07/2011 2,000       1.98
2,000,000    Nordea Bank CD 0.72% 11/03/2011                 2,000       1.98
1,000,000    Rabobank CD 0.95% 05/05/2011                    1,000       0.99
3,000,000    Rabobank CD 3M LIBOR + 6bp 17/08/2011           3,000       2.97
3,000,000    Societe Generale CD 0.70% 01/03/2011            3,000       2.97
2,000,000    Societe Generale CD 0.75% 01/02/2011            2,000       1.98
2,000,000    Societe Generale CD 1.00% 01/08/2011            2,000       1.98
2,000,000    Societe Generale CD 1.38% 27/01/2012            2,000       1.98
3,000,000    Standard Chartered Bank CD 0.65% 24/02/2011 3,000           2.97
  500,000    Svenska Handelsbanken CD 0.80% 10/02/2011         500       0.50
3,000,000    The Royal Bank of Scotland CD 1.00% 26/07/2011 3,000        2.97
2,000,000    The Royal Bank of Scotland CD 0.64% 15/02/2011 2,000        1.98
1,300,000    The Royal Bank of Scotland CD 1.26% 22/02/2011 1,300        1.29
2,000,000    UBS CD 1.12% 14/02/2011                         2,000       1.98
2,000,000    UBS CD 1.27% 12/01/2012                         2,000       1.98
                                                            60,800     60.21




                                                                                5
                                                 PREMIER UK MONEY MARKET FUND

                           STATEMENT OF TOTAL RETURN                                                                    BALANCE SHEET

For the period ended 31st January 2011                                                   As at 31st January 2011
                                               31/01/11              31/01/10                                                              31/01/11             31/07/10
                                         £’000    £’000        £’000   £’000                                                                  £’000                £’000

Income                                                                                   ASSETS
    Net capital gains/(losses)                         18                     (75)       Investment assets                                 103,675              107,904
    Revenue                               583                    879
                                                                                         Debtors                                             1,260                 1,111
Expenses                                  (315)                  (328)                   Cash and bank balances                                    -                 454
Finance costs: Interest                      -                     (1)
                                                                                         Total other assets                                  1,260                 1,565
Net revenue before taxation               268                    550
Taxation                                    (8)                     -                    Total assets                                      104,935              109,469


Net revenue after taxation                            260                    550         LIABILITIES

                                                                                         Creditors                                           (2,720)                 (595)
Total return before distributions                     278                    475         Bank overdrafts                                     (1,259)                 (438)
                                                                                         Distributions payable on income units                  (28)                  (32)
Finance costs: Distributions                          (259)                  (552)
                                                                                         Total liabilities                                   (4,007)              (1,065)
Change in net assets
                                                                                         Net assets attributable to
attributable to unitholders
                                                                                         unitholders                                       100,928              108,404
from investment activities                             19                     (77)

                                                                                         On behalf of Premier Portfolio Managers Limited.



    STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS

For the period ended 31st January 2011
                                                 31/01/111               31/01/10
                                         £’000       £’000     £’000        £’000        Neil Macpherson                     Mark Friend
Opening net assets                                                                       Finance Director (of the Manager)   Managing Director, Operations (of the Manager)
attributable to unitholders                       108,404                100,806
                                                                                         25th March 2011

Amounts receivable on issue
of units                                43,374                64,079
Amounts payable on cancellation
of units                               (51,006)               (45,335)
                                                   (7,632)                18,744


Change in net assets
attributable to unitholders
from investment activities                              19                    (77)
Retained distributions on
accumulation units                                    137                    300


Closing net assets
attributable to unitholders                        100,928               119,773


Opening net assets attributable to unitholders for current period differs from
1

the comparative period closing balance as they are not consecutive periods.




                                                                                     6
                                               PREMIER UK MONEY MARKET FUND

                   NOTE TO THE FINANCIAL STATEMENTS

ACCOUNTING POLICIES
The interim financial statements have been prepared on the same basis as the
audited annual financial statements for the year ended 31st July 2010. They are
in accordance with the historical cost basis, as modified by the revaluation of
investments, and in accordance with the Statement of Recommended Practice
for Authorised Funds issued by the Investment Management Association (IMA),
in October 2010 (the IMA SORP 2010).


DISTRIBUTION TABLES
For the period from 1st August 2010 to 31st October 2010
First Interim Interest distribution in pence per unit
Income Units
                                                 Distribution
           Gross  Income      Net                    Paid
         Income Tax (20%) Income Equalisation 31/12/10 31/12/09
Group 1 0.0668         0.0134    0.0534                -    0.0534    0.1744
Group 2 0.0100         0.0020    0.0080          0.0454     0.0534    0.1744


Accumulation Units
                                                   Amount
           Gross  Income      Net                Accumulated
         Income Tax (20%) Income Equalisation 31/12/10 31/12/09
Group 1 0.1673         0.0335    0.1338                -    0.1338    0.4346
Group 2 0.0719         0.0144    0.0575          0.0763     0.1338    0.4346


For the period from 1st November 2010 to 31st January 2011
Second Interim Interest distribution in pence per unit
Income Units
                                                 Distribution
           Gross  Income      Net                Payable/Paid
         Income Tax (20%) Income Equalisation 31/03/11 31/03/10
Group 1 0.0590         0.0118    0.0472                -    0.0472    0.0441
Group 2 0.0258         0.0052    0.0206          0.0266     0.0472    0.0441


Accumulation Units
                                                   Amount
           Gross  Income      Net                Accumulated
         Income Tax (20%) Income Equalisation 31/03/11 31/03/10
Group 1 0.1480         0.0296    0.1184                -    0.1184    0.1095
Group 2 0.0800         0.0160    0.0640          0.0544     0.1184    0.1095




                                                                                  7
Administration Queries
Premier Portfolio Managers Limited
PO BOX 55736,
50 Bank Street, Canary Wharf,
London E14 1BT
Tel:   0845 605 63 63




Further Information
Premier Portfolio Managers Limited
Eastgate Court, High Street,
Guildford, Surrey GU1 3DE
Tel:   01483 306 090
Fax:   01483 300 845
email: enquiries@premierfunds.co.uk
Web: www.premierassetmanagement.co.uk




This document is issued by:
Premier Portfolio Managers Limited
Eastgate Court, High Street, Guildford, Surrey GU1 3DE


Premier Portfolio Managers Limited and Premier Fund Managers Limited are both members of the Premier Asset Management Marketing Group and
are authorised and regulated by the Financial Services Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS. Premier Portfolio
Managers Limited is an ISA manager and markets a number of funds. Premier Fund Managers Limited manages these and other funds and provides
discretionary portfolio management services. Premier Portfolio Managers Limited is also a member of the Investment Management Association.


You should remember that past performance is not a guide to the future. The price of shares and the income from them may go down as well as up
and you may get back less than you invested. Exchange rates will also cause the value of underlying investments to fall or rise. Tax concessions are not
guaranteed and may be changed at any time; their value will depend on your individual circumstances. For your protection when dealing, your call
may be recorded and monitored. Details of the nature of the investments, the commitment required and fund specific risk warnings are described in
the Simplified Prospectus document which is available on request. Large print documents are available on request from the above Guildford address.

				
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