Portfolio Update

Blue Planet Financials Growth & Income Investment Trusts Nos 1-10 plc
Quarterly Portfolio Announcement as at 31 March 2005

                                                  % of
                                                 total
Stock                          Origin           assets

OTP                            Hungary            11.5
Bank Polski                    Poland             10.0
Lloyds TSB                     UK                  7.4
ABN-Amro Holdings              Netherlands         7.0
Societe Generale               France              7.0
BNP Paribas                    France              6.7
Bank Austria Creditanstalt     Austria             6.5
Bank Przemlyslowo-Handlowy     Poland              5.1
Bank Pekao                     Poland              4.4
Dexia                          Belgium             3.9