Portfolio Update

CHELVERTON GROWTH TRUST PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 31 May 2006 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company                  Class of share 
                                                
AI Claims                        Ordinary       
                                                
BBI Holdings                     Ordinary       
                                                
Belgravium Technology            Ordinary       
                                                
Clipper Ventures                 Ordinary       
                                                
IDOX                             Ordinary       
                                                
Mavinwood                        Ordinary       
                                                
Oasis Healthcare                 Ordinary       
                                                
Petards Group                    Ordinary       
                                                
Smallbone                        Ordinary       
                                                
UKbetting                        Ordinary