Portfolio Update

Scottish Mortgage Inv Tst PLC
04 October 2004


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


30 September 2004


No      Holding                                                  % of Total
                                                                   Assets

1.      Vodafone Group                                               4.3%
2.      GlaxoSmithKline                                              3.2%
3.      Royal Bank of Scotland                                       3.1%
4.      Barclays                                                     2.7%
5.      HSBC                                                         2.6%
6.      British American Tobacco                                     1.9%
7.      Golden West Financial                                        1.9%
8.      Bank of Scotland (SAMS) 2072                                 1.7%
9.      Aviva                                                        1.6%
10.     Moodys                                                       1.5%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  4 October 2004


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