Portfolio Update

Scottish Mortgage Inv Tst PLC
06 April 2005

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC

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



31 March 2005


No      Holding                                                     % of Total
                                                                      Assets

1.      Vodafone                                                       4.6%
2.      Royal Bank of Scotland                                         2.9%
3.      Barclays                                                       2.5%
4.      GlaxoSmithKline                                                2.3%
5.      Samsung Electronics                                            2.2%
6.      Petrobras                                                      2.2%
7.      British American Tobacco                                       2.1%
8.      Golden West Financial                                          1.8%
9.      BHP Billiton                                                   1.8%
10.     Aviva                                                          1.7%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    6 April 2005




                      This information is provided by RNS
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