Top Ten Investments

Scottish Mortgage Inv Tst PLC
05 April 2004

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

31 March 2004


No      Holding                                       % of Total
                                                        Assets

1.      Vodafone                                         4.1%
2.      Royal Bank of Scotland                           3.1%
3.      GlaxoSmithKline                                  2.8%
4.      Barclays                                         2.4%
5.      HSBC                                             2.3%
6.      British American Tobacco                         1.9%
7.      Golden West Financial                            1.8%
8.      Bank of Scotland (SAMS) 2072                     1.8%
9.      Wellpoint Health                                 1.7%
10.     MAN Group                                        1.6%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    5 April 2004



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