Portfolio Update

Personal Assets Trust PLC
02 September 2004

To:                RNS
From:              Personal Assets Trust plc
Date:              02 September 2004

Listing Rule 21

In accordance with paragraph 21.20 l (i) of the Listing Rules Personal Assets
Trust plc announces that, as at 31 August 2004, it had investments in the
following investment companies which do not have stated investment policies to
invest no more than 15% of their gross assets in other listed investment
companies:

Holding                                                    % of Gross Assets

Advance UK Trust  plc                                                  0.37%

For further information please contact:

Gordon Hay Smith
ISIS Asset Management plc
0131 465 1000




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