Top Ten Investments

Scottish Mortgage Inv Tst PLC
05 January 2004

                     SCOTTISH MORTGAGE INVESTMENT TRUST PLC

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



31 December 2003


No       Holding                                               % of Total Assets

1.       Vodafone Group                                               4.9%
2.       GlaxoSmithKline                                              3.4%
3.       Royal Bank of Scotland                                       2.9%
4.       Golden West Financial                                        2.5%
5.       HSBC Holdings                                                2.5%
6.       Barclays                                                     2.3%
7.       British American Tobacco                                     1.8%
8.       Bank of Scotland (SAMS) 2072                                 1.8%
9.       Omnicom                                                      1.6%
10.      Wellpoint Healthcare                                         1.5%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  5 January 2004






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