Portfolio Update

Personal Assets Trust PLC
03 August 2004

To:            RNS

From:          Personal Assets Trust

Date:          03 August 2004

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules Personal Assets
Trust announces its top ten holdings, including all holdings with a value
greater than 5% of its gross assets, as at 31 July 2004:




Personal Assets Trust                                           
Top 10 Holdings                                                 
Company                                         % Total Assets  
US Strip 0% 150804                              53.3            
RBS Grp                                         5.8             
BP                                              5.6             
HBOS                                            4.7             
Shell                                           3.9             
Barclays                                        3.4             
Std Life Inv-Ins Shs                            3.2             
Glaxosmithkline                                 3.1             
Scottish & Newcastle                            2.4             
BT Group                                        1.7             

Holdings greater than 5% of total fund value                    
US Strip 0% 150804                              53.3            
RBS Grp                                         5.8             
BP                                              5.6             
 



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