Portfolio Update

Rights and Issues Inv Trust PLC
04 January 2005


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

HBOS                                   Ordinary                      4,449,375
RPS Group                              Ordinary                      4,110,750
White Young Green                      Ordinary                      3,728,082
Merrydown                              Ordinary                      3,154,675
Dyson                                  Ordinary                      3,135,750
Wellington Hldgs                       Ordinary                      2,950,000
Chamberlin &  Hill                     Ordinary                      2,045,000
VP                                     Ordinary                      1,875,000
Litho Supplies                         Ordinary                      1,852,800
Hill & Smith Holdings                  Ordinary                      1,830,000

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


The above information is as at 31st December 2004.



                      This information is provided by RNS
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