In accordance with the continuing obligations under Listing Rule 21.20 (l)
(ii), Scottish Value Trust's ten largest holdings as at the close of business
on 31 December 2003 are as follows:-

Eurovestech

Prospect Japan

Merrill Lynch World Mining

Baring Vostok Investments

Jupiter European Opportunities Trust

JP Morgan Fleming Russia

Volkswagen

BMW

Merrill Lynch Japan Enhanced Performance

Thompson Clive Investments

.

Contact: Donald W Robertson / Carolina A Viola

SVM Asset Management Limited

0131 226 6699



END