Gartmore Balanced Assets Trust PLC and                     

                              GBAT Securities PLC                              

                             (together the Group)                              

In accordance with Listing Rule 21.20(l)(ii), Gartmore Balanced Assets Trust
PLC announces that at 31st January 2004 the ten largest investments were as
follows:

Company                                                 £'000     Percentage of
                                                                   Gross Assets
                                                                               
HSBC Holdings                                           1,959               7.0
                                                                               
Vodafone                                                1,627               5.8
                                                                               
Glaxosmithkline                                         1,383               4.9
                                                                               
City of Oxford                                          1,241               4.4
                                                                               
BP                                                        950               3.4
                                                                               
Royal Bank of Scotland                                    945               3.4
                                                                               
Barclays                                                  889               3.2
                                                                               
Shell Transport & Trading                                 843               3.0
                                                                               
Martin Currie Enhanced Income                             816               2.9
                                                                               
Lloyds TSB                                                666               2.4

Gartmore Investment Limited

Secretaries

3 February 2004