Portfolio Update

Rights and Issues Inv Trust PLC
03 September 2004

Rights and Issues Investment Trust Plc

In accordance with UKLA Listing Rule 21.20 (l) (ii), the following list
represents the Trust's ten largest investments and where appropriate, any
invesment with a value greater than 5% of the Trust's gross assets:

Name of Company         Class               Value

Enterprise Inns         Ordinary            3,853,500
HBOS                    Ordinary            3,562,125
RPS Group               Ordinary            3,334,500
Wellington Hldgs        Ordinary            2,850,000
Dyson                   Ordinary            2,807,375
White Young Green       Ordinary            2,624,416
Merrydown               Ordinary            2,418,175
Chamberlin &  Hill      Ordinary            1,685,000
VP                      Ordinary            1,650,000
Colefax Group           Ordinary            1,606,500

Of the above Enterprise Inns, HBOS, RPS Group,  Wellington Holdings, Dyson  and
White Young Green have a market value of greater than 5% of the Trust's gross
assets.

The above information is as at 31st August 2004.




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