Portfolio Update

British Portfolio Trust PLC
5 January 2005



                                      BRITISH PORTFOLIO TRUST PLC
                                TOP 10 HOLDINGS AS AT 31 DECEMBER 2004

Stock Name                                         Market Value             %
                                                       £

BP                                                   5,402,951             7.40
HSBC                                                 4,704,004             6.44
Vodafone                                             4,571,107             6.26
GlaxoSmithKline                                      3,704,469             5.07
Royal Bank of Scotland                               2,965,470             4.06
Shell Transport & Trading                            2,344,764             3.21
Barclays                                             2,327,287             3.19
NHP                                                  1,491,478             2.04
AstraZeneca                                          1,434,658             1.96
Tesco                                                1,283,783             1.76

Total Gross Assets                                  73,013,444


Enquiries:

Peter Ingram
Company Secretary
Tel. [phone]

5 January 2005





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