Portfolio Update

CHELVERTON GROWTH TRUST PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 31 May 2007 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company                   Class of share
                                                
Oasis Healthcare                  Ordinary      
                                                
AI Claims                         Ordinary      
                                                
Belgravium Technology             Ordinary      
                                                
Smallbone                         Ordinary      
                                                
BBI Holdings                      Ordinary      
                                                
Food & Drink Group                Ordinary      
                                                
Northbridge Industrial Services   Ordinary      
                                                
IDOX                              Ordinary      
                                                
Tristel                           Ordinary      
                                                
CEPS                              Ordinary