NAV and Quarterly Disclosure

SVM UK Emerging Fund plc

The unaudited net asset value per share at the close of business on 30
September 2005 was 41.12 pence.

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
September 2005 were as follows:-

Greystar Resources                                9.5%
                                                      
Ashley House                                      7.8%
                                                      
United Clearing                                   6.5%
                                                      
Mercator Gold                                     5.6%
                                                      
Black Sea Property Fund                           5.5%
                                                      
Hurlingham                                        5.5%
                                                      
Consolidated Communications Corp                  5.4%
                                                      
Fotolec Technologies                              5.3%
                                                      
Ludgate 181                                       5.3%
                                                      
Van Dieman Mines                                  5.0%