Listing Rule 21.20 (l)

RNS Number:8663T
American Opportunity Trust PLC
05 January 2004







                AMERICAN OPPORTUNITIES TRUST PLC (the "Company")



In compliance with paragraph 21.20(l) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 31 December 2003 the Company held
the following investments with a value greater than 5% of the Company's gross
assets (which list includes the Company's ten largest investments):


       Name of Investee Company               Class Of Share              Investment (#)

1.           USA TREASURY BILL 18/03/04             N/A                        3,345,931
2.           USA TREASURY BILL 12/02/04             N/A                        1,674,396
3.           LESCO INC                            COMMON                       1,444,013
4.           SCIENTIFIC GAMES                     COMMON                       1,246,221
5.           LUFKIN INDUSTRIES                    COMMON                       1,047,719
6.           AMERICAN PACIFIC                     COMMON                        761,930
7.           VOLUME SERVICES                       UNITS                        650,867
8.           ALLIED DEFENSE                       COMMON                        647,787
9.           HECTOR COMMUNICATION                 COMMON                        549,395
10.        CPAC                                   COMMON                        536,268





J O Hambro Capital Management Limited

Company Secretary

5 January 2004


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