Portfolio Update

    Premier High Income Trust PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments and where appropriate, any
investment with a value greater than 5% of the Company's gross assets as at 31
December 2004:

Name of company                        Class of share                        
                                                                             
Hilton Group                           Ordinary                              
                                                                             
National Grid Transco                  Ordinary                              
                                                                             
BG Group                               Ordinary                              
                                                                             
BP                                     Ordinary                              
                                                                             
Tomkins                                Ordinary                              
                                                                             
Lloyds TSB Group                       Ordinary                              
                                                                             
Reed Elsevier                          Ordinary                              
                                                                             
Friends Provident                      Ordinary                              
                                                                             
Johnson Matthey                        Ordinary                              
                                                                             
Standard Chartered                     Ordinary                              
                                                                             
None of the above has a value greater than 5% of the Company's gross assets. 



END