Portfolio Update

Scottish Mortgage Inv Tst PLC
06 January 2006

The following replaces the Net Asset Value announcement released at 15.26pm
under RNS 5881W. The headline should have read Portfolio Update.







                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



31 December 2005


No      Holding                                                       % of Total
                                                                        Assets

1.      Petrobras                                                         3.2%
2.      Gazprom                                                           2.8%
3.      Samsung Electronics                                               2.6%
4.      Royal Bank of Scotland                                            2.4%
5.      Barclays                                                          2.3%
6.      British American Tobacco                                          2.3%
7.      GlaxoSmithKline                                                   2.2%
8.      EOG Resources                                                     2.1%
9.      Vodafone                                                          2.1%
10.     Atlas Copco                                                       2.0%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  6 January 2006




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