Portfolio Update

Scottish Mortgage Inv Tst PLC
05 July 2004

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



30 June 2004


No      Holding                                                       % of Total
                                                                          Assets

1.      Vodafone                                                            4.0%
2.      Royal Bank of Scotland                                              3.1%
3.      GlaxoSmithKline                                                     3.1%
4.      Barclays                                                            2.4%
5.      HSBC                                                                2.4%
6.      British American Tobacco                                            2.1%
7.      Golden West Financial                                               1.8%
8.      Bank of Scotland (SAMS) 2072                                        1.7%
9.      Aviva                                                               1.7%
10.     Diageo                                                              1.6%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     5 July 2004






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