CGW Invesco S&P Global Water Index ETF

    CHELVERTON GROWTH TRUST PLC (the "Company")

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments and where appropriate, any
investment with a value greater than 5% of the Company's gross assets:

Name of company                  Class of     
                                 share        
                                              
Auto Indemnity Group             Ordinary     
                                              
Bioquell                         Ordinary     
                                              
Conder Environmental             Ordinary     
                                              
Hartford Group                   Ordinary     
                                              
I-Documentsystems Group          Ordinary     
                                              
Locker Holdings                  Ordinary     
                                              
Merrydown                        Ordinary     
                                              
Oasis Healthcare                 Ordinary     
                                              
Pipex Communications Plc         Ordinary     
                                              
Transport Systems                Ordinary     

02.12.03



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