NAV & Quarterly disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 30 June
2006 was 50.33 pence. This has been calculated using bid market prices.

In accordance with the continuing obligations under Listing Rule 21.20 (l)
(ii), the Fund's ten largest holdings as at the close of business on 30 June
2006 were as follows:-

Kirkland Lake Gold                                6.5%
                                                      
Greystar Resources                                6.3%
                                                      
Appian Technology                                 6.2%
                                                      
Rheochem                                          5.0%
                                                      
Borders & Southern Petroleum                      4.9%
                                                      
Ludgate 181                                       4.8%
                                                      
Tinopolis                                         4.7%
                                                      
International Medical Devices CFD                 4.5%
                                                      
Fotolec Technologies                              4.4%
                                                      
RC Group                                          4.3%