Portfolio Update

European Assets Trust NV
14 December 2005

European Assets Trust NV

ALL DATA AS AT 30th November 2005

THIS DATA WILL BE AVAILABLE ON THE F&C ASSET MANAGEMENT WEB-SITE, http://
www.fandc.com/ FROM APPROXIMATELY 18th December 2005



Top ten equity holdings                                      %


           1      Boliden                                   4.7
           2      Logitech                                  4.5
           3      Neopost                                   4.2
           4      Andritz                                   3.9
           5      Indra Sistemas                            3.9
           6      Neochimiki Lavrentiadis                   3.5
           7      Fadesa Inmobiliaria                       3.4
           8      Latecoere                                 3.3
           9      Anglo Irish Bank                          3.2
          10      OKO Bank                                  2.9



         Total                                             37.5



Country                                    %


France                                   17.4
Spain                                    14.6
Ireland                                  12.9
Switzerland                              10.1
Cash                                      9.4
Italy                                     8.8
Germany                                   5.9
Finland                                   5.0
Sweden                                    4.7
Austria                                   3.9
Other                                     7.3


Total                                  100.0




Actual gearing:            98.1%
Potential gearing:        108.2%














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