Top Ten Holdings

British Assets Trust PLC
05 January 2004


To:          RNS

From:          British Assets Trust plc

Date:          5 January 2004





Listing Rule 21



In accordance with paragraph 21.20 l (ii) of the Listing Rules British Assets
Trust plc announces its top ten holdings, including all holdings with a value
greater than 5% of its gross assets, as at 31 December 2003:




Company                                 % Total Assets

Vodafone                                      5.0

HSBC                                          4.8

BP                                            4.7

GlaxoSmithKline                               4.6

Shell Transport & Trading                     3.2

Royal Bank of Scotland Group                  2.6

AstraZeneca                                   2.0

Barclays                                      1.8

Lloyds TSB Group                              1.6

HBOS                                          1.5

Total                                        31.8



For further information please contact:

Gordon Hay Smith

ISIS Asset Management plc

0131 465 1000


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