Portfolio Update

Scottish Mortgage Inv Tst PLC
06 July 2005

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC

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

30 June 2005

No      Holding                                                 % of Total
                                                                   Assets

1.      Vodafone                                                    3.4%
2.      Royal Bank of Scotland                                      2.8%
3.      Petrobras                                                   2.6%
4.      Barclays                                                    2.5%
5.      GlaxoSmithKline                                             2.4%
6.      British American Tobacco                                    2.2%
7.      Samsung Electronics                                         2.2%
8.      Golden West Financial                                       1.9%
9.      EOG Resources                                               1.8%
10.     SAP                                                         1.8%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     6 July 2005


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