Portfolio Update

Scottish Mortgage Inv Tst PLC
03 January 2008


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


31 December 2007

No      Holding                                            % of Total
                                                              Assets

1.      Petrobras                                               4.5%
2.      CVRD                                                    4.0%
3.      Gazprom                                                 3.9%
4.      Atlas Copco                                             3.3%
5.      Amazon                                                  3.3%
6.      ebay                                                    3.2%
7.      Porsche                                                 3.2%
8.      Sandvik                                                 2.7%
9.      Brazil CPI Linked 15/05/2045                            2.7%
10.     Vestas Windsystems                                      2.5%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  3 January 2008




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