Portfolio Update

CHELVERTON GROWTH TRUST PLC (the 'Company')

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments as at 31st May 2005 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                            Class of share
                                                         
AI Claims                                  Ordinary      
                                                         
Bioquell                                   Ordinary      
                                                         
Chelverton Asset Management                Ordinary      
                                                         
Concateno                                  Ordinary      
                                                         
Dinkie Heel                                Ordinary      
                                                         
Elevation Events                           Ordinary      
                                                         
IDOX                                       Ordinary      
                                                         
Petards Group                              Ordinary      
                                                         
Stanley Gibbons                            Ordinary      
                                                         
UKBetting                                  Ordinary