Portfolio Update

European Assets Trust NV
20 January 2006

European Assets Trust NV


ALL DATA AS AT 31st December 2005


THIS DATA WILL BE AVAILABLE ON THE F&C ASSET MANAGEMENT WEB-SITE, 
http://www.fandc.com/ FROM APPROXIMATELY 18th January 2006


Top ten equity holdings                                            %

1                            Boliden                               5.7
2                            Logitech                              4.6
3                            Neopost                               4.4
4                            Andritz                               4.3
5                            Neochimiki Lavrentiadis               4.0
6                            Anglo Irish Bank                      3.6
7                            Latecoere                             3.6
8                            OKO Bank                              3.3
9                            Kingspan Group                        3.0
10                           Nexity                                3.0

Total                                                              39.5



Country                               %

France                                19.0
Ireland                               14.3
Spain                                 12.0
Switzerland                           9.9
Italy                                 8.9
Cash                                  6.3
Germany                               6.3
Sweden                                5.7
Finland                               5.6
Austria                               4.3
Greece                                4.0
Belgium                               2.3
Norway                                1.4

Total                                 100.0



Actual gearing:                  101.6
Potential gearing:               108.3



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