Top 10 Holdings

European Assets Trust NV
1 July 2004

To:     RNS

From:   European Assets Trust

Date:   01 July 2004

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules European Assets
Trust announces its top ten holdings, including all holdings with a value
greater than 5% of its gross assets, as at 30 June 2004:

                                                                                 
                                       European Assets Trust                     
                                       Top 10 Holdings                           
                                       Company                   % Total Assets  

                                       Ipsos                     4.7             
                                       Merloni Elettrodomes      4.5             
                                       Indra Sistemas            4.0             
                                       Neopost                   3.7             
                                       Swedish Match AB          3.7             
                                       Logitech Intl Regd        3.7             
                                       Grafton Group             3.3             
                                       Iaws Group                3.3             
                                       Hera                      3.3             
                                       Lindt & Spruengli         3.2             

For further information please contact:

Michael Campbell

ISIS Asset Management plc

0131 465 1000



                      This information is provided by RNS
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