Quarterly portfolio disclosure

Securities Trust of Scotland plc
Stock Exchange Announcement - 2 April 2004

In  accordance  with the Listing Rules, 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,  Securities  Trust  of
Scotland plc ("the company") announces that, as at 31 March 2004, its 10
largest investments were:

                           % of gross assets
BP                                       8.2
HSBC                                     7.7
Vodafone                                 6.6
GlaxoSmithKline                          4.5
Royal Bank of Scotland                   4.2
Lloyds TSB                               3.3
AstraZeneca                              3.2
Shell Transport & Trading                3.2
Man Group                                3.0
HBOS                                     2.9



For further information, please contact:

Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252