Net Asset Value(s)

Scottish Mortgage Inv Tst PLC
06 January 2006

                     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




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