Top 10 Holdings

British Assets Trust PLC
1 July 2004

To:    RNS

From:  British Assets Trust

Date:  01 July 2004

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules British Assets
Trust announces its top ten holdings, including all holdings with a value
greater than 5% of its gross assets, as at 30 June 2004:


British Assets Trust                                            
Top 10 Holdings                                                 
Company                                         % Total Assets  

BP                                              5.3             
HSBC                                            4.6             
Vodafone                                        4.3             
Glaxosmithkline                                 3.6             
Shell                                           2.8             
RBS Grp                                         2.7             
Astrazeneca                                     1.9             
Barclays                                        1.7             
Lloyds TSB Grp                                  1.5             
HBOS                                            1.5             
Holdings greater than 5% of total fund value                    
BP                                              5.3             



For further information please contact:

Gordon Hay Smith

ISIS Asset Management plc

0131 465 1000




                      This information is provided by RNS
            The company news service from the London Stock Exchange