Portfolio Update

Scottish Mortgage Inv Tst PLC
06 July 2006




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



30 June 2006


No      Holding                                                % of Total
                                                                 Assets

1.      Petrobras                                                  3.5%
2.      Gazprom                                                    3.2%
3.      Royal Bank of Scotland                                     2.7%
4.      Samsung Electronics                                        2.6%
5.      Atlas Copco                                                2.5%
6.      Ebay                                                       2.5%
7.      SAP                                                        2.4%
8.      British American Tobacco                                   2.3%
9.      Barclays                                                   2.2%
10.     GlaxoSmithkline                                            2.2%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     6 July 2006




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