Interim Management Statement

Scottish Mortgage Inv Tst PLC
09 January 2008

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC



          Interim Management Statement - 3 months to 31 December 2007



Scottish Mortgage is a low cost investment trust that aims to maximise total
returns over the long term from a focused and actively managed portfolio.  It
invests globally, looking for strong businesses with above-average returns.


                              Review of the Period

•    Over the period, the Company's net asset value rose by 4.2% and the share 
     price rose by 4.5%.  The FTSE All World Index in sterling terms (the 
     benchmark) rose by 0.9%.  All figures are total return.
•    During the period 1.2 million shares were bought back at a cost of £7.9m 
     enhancing NAV per share by 0.04%.
•    The interim dividend of 5p per share was paid on 23 November 2007.
•    A short term loan of Y7.84bn was repaid. A short term loan of Y8.23bn was 
     drawn down with an expiry date of 28 October 2008. A short term loan of 
     Swiss Francs 35.5m was rolled over expiring on 28 October 2008.




                                        Top Twenty Equity Holdings


Name                          % of     % of total      Name                           % of      % of total
                             total     assets at                                     total      assets at
                           assets at    30/09/07                                   assets at     30/09/07
                            31/12/07                                                31/12/07

Petrobras                     4.5         4.4          Deere                          2.1          1.4
CVRD                          4.0         4.3          Schlumberger                   2.0          2.2
Gazprom                       3.9         3.1          China Mobile                   2.0          1.9
Atlas Copco                   3.3         3.4          Norilsk Nickel                 2.0          2.0
Amazon.com                    3.3         2.6          Tesco                          2.0          1.9
eBay                          3.2         3.6          Standard Chartered             1.9          1.7
Porsche                       3.2         2.6          Unicredito Italiano            1.8          1.9
Sandvik                       2.7         3.2          UBS                            1.8          1.8
Vestas Windsystems            2.5         1.8          British American Tobacco       1.7          2.9
Canon                         2.2         2.6          Monsanto                       1.7          1.3
                                                       Total                          51.8         50.6


                            Total Return Performance
                                                              %
                            3 Months               1 Year              3 Years              5 Years
Share Price                   4.5                   30.1                115.7                202.6
NAV                           4.2                   26.0                 95.1                170.6
Benchmark*                    0.9                   11.2                 52.6                103.4

                               Source: Fundamental Data Ltd/Baillie Gifford & Co



*Benchmark - On 1 April 2007 the Company changed its benchmark to 100% FTSE All
World  Index (in sterling terms) from 50% FTSE All-Share Index and 50% FTSE
World Ex UK Index (in sterling terms).



For the purposes of the performance data above, the returns for their respective
periods have been calculated by sequentially linking the original benchmark data
until 31 March 2007 with the new benchmark data from 1 April 2007.


             Past performance is not a guide to future performance


                                          General Information


                                                             31/12/07                  30/09/07
Share price                                                   672.0p                    648.0p

Net asset value per share +                                   733.3p                    712.5p
(after deducting borrowings at fair value)
Net asset value per share +                                   755.4p                    734.9p
(after deducting borrowings at par)

Discount (borrowings at fair value)                            8.4%                      9.1%
Discount (borrowings at par)                                  11.0%                     11.8%

Total assets (before deduction of  borrowings)              £2,430.7m                 £2,370.9m

Total borrowings (at fair value)                             £419.8m                   £408.4m
Total borrowings (at par)                                    £359.0m                   £353.1m

Potential Gearing (borrowings at fair value)                  20.9%                     20.8%
Actual Gearing (borrowings at fair value)                     15.4%                     15.3%

Potential Gearing ( borrowings at par)                        17.3%                     17.5%
Actual Gearing (borrowings at par)                            12.1%                     12.2%



+ Dividends are not reinvested.



This interim management statement and up to date NAV and Share Price are
available at www.scottishmortgageit.com



For further information, contact Robert O'Riordan - 0131 275 3181.




                      This information is provided by RNS
            The company news service from the London Stock Exchange