Quarterly portfolio disclosure

Securities Trust of Scotland plc
Stock Exchange Announcement - 30 October 2003


The  Board of Securities Trust of Scotland plc ("the company") notes the
publication  of  the Investment Entities (Listing Rules and  Conduct  of
Business)  Instrument 2003, following consultation  paper  CP164,  which
require,  inter  alia, UK-listed investment companies  to  notify  to  a
Regulatory Information Service, within two business days of the  end  of
each  quarter,  a  list of all investments held by  them  with  a  value
greater than 5% of the company's gross assets and at least the company's
10 largest investments as at the last  business day of that quarter. The
Board  recognises that the relevant amendments to the Listing Rules  are
not  effective until 1 November 2003, but has taken the view that, given
that  the  company's year-end is 31 March and, therefore, its  financial
quarters  are,  additionally,  June,  September  and  December,  it   is
appropriate  for  the  company  to commence  making  such  announcements
forthwith.  The  company therefore announces that, as  at  30  September
2003, its 10 largest investments were:

                          % of gross assets
HSBC Holdings                    7.8
Glaxo SmithKline                 7.2
BP                               6.9
Vodafone                         5.4
Shell T&T                        4.0
Royal Bank of Scotland           4.0
Astra Zeneca                     3.3
HBOS                             2.8
HBOS (preference shares)         2.6
Barclays                         2.6



For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252