Gartmore Balanced Assets Trust PLC and                     

                              GBAT Securities PLC                              

                             (together the Group)                              

Holdings at 29th February 2004 in companies that do not have policies to invest
                   not more than 15% in investment companies                   

At 29th February 2004 the Group held the following investments: -

Gartmore Distribution Trust Ords

BFS UK Dual Return Geared Units

Morley Absolute Growth Ords

The aggregate value of the investments listed above represents less than 0.1%
of the Group's Gross Assets.

Gartmore Investment Limited

2nd March 2004