Portfolio Update

Scottish Mortgage Inv Tst PLC
05 January 2005


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



31 December 2004


No      Holding                                                     % of Total
                                                                      Assets

1.      Vodafone                                                        4.7%
2.      Royal Bank of Scotland                                          3.1%
3.      GlaxoSmithKline                                                 3.1%
4.      Barclays                                                        2.8%
5.      HSBC Holdings                                                   2.4%
6.      British American Tobacco                                        2.0%
7.      Golden West Financial                                           1.8%
8.      Aviva                                                           1.7%
9.      Samsung Electronics                                             1.6%
10.     Bank of Scotland (SAMS) 2072                                    1.6%





                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  5 January 2005




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