Portfolio Update

Premier Energy and Water Trust PLC announce that at close of business on 31 December 2015 its twenty largest investments were as follows:     

Company	% of total net assets
OPG Power Ventures	7.6
China Power Intl. Develop	4.6
SSE PLC	3.6
First Trust MLP and Energy Income Fund	2.8
TerraForm Global Ord & 9.75% Bond 15/08/2022*	2.8
Engie	2.7
Beijing Enterprises Holdings	2.5
Nextera Energy	2.5
Pennon Group	2.1
iShares Global Utilities ETF	1.9
EDP – Energias do Brasil	1.9
Qatar Electricity & Water	1.9
Transelectrica	1.8
GCP Infrastructure Investments	1.6
China Everbright Intl.	1.6
ACEA	1.4
Huaneng Power International	1.2
Keppel Infrastructure Trust	1.2
National Grid	1.1
Transgaz	1.0

* Holding in both convertible bond and equity

At close of business on 31 December 2015 the total net assets of Premier Energy and Water Trust PLC amounted to £76.1 million. The sector breakdown and geographical allocation were as follows:

Sector Breakdown	% of total net assets
Electricity	35.0
Multi Utilities	14.7
Water & Waste	5.2
Gas	4.5
Cash/Net Current Assets	36.3
Renewable Energy	4.3
Index Options	0.0
Total	100.0

Geographical Allocation	% of total net assets
Europe (excluding UK)	3.8
China	12.2
North America	10.8
Global	7.7
Asia (excluding China)	10.7
United Kingdom	8.4
Latin America	4.1
Cash/Net Current Assets	36.4
Eastern Europe	4.0
Middle East	1.9
Index Options	0.0
Total	100.0