Portfolio Update

British Portfolio Trust PLC
3 September 2004


                           BRITISH PORTFOLIO TRUST PLC

                      TOP 10 HOLDINGS AS AT 31 AUGUST 2004

Stock Name                                         Market Value                %
                                                              £

BP                                                    5,463,479             8.03
Vodafone                                              4,085,680             6.01
HSBC                                                  3,940,061             5.79
GlaxoSmithKline                                       3,428,604             5.04
Royal Bank of Scotland                                2,618,483             3.85
Shell Transport & Trading                             2,141,446             3.15
Barclays                                              2,043,326             3.00
AstraZeneca                                           1,946,927             2.86
Lloyds TSB                                            1,250,967             1.84
Alliance Unichem                                      1,103,961             1.62

Total Gross Assets                                   68,035,252


Enquiries:

Peter Ingram
Company Secretary
Tel. [phone]

3 September 2004



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