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Top 25 holdings

At 31 August 2010
£'000
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Apple
Technology - US
21,160
Serco
Industrials - UK
17,627
Li & Fung
Consumer Goods - Hong Kong
14,258
McDonald's
Consumer Services - US
13,681
CIMB
Financials - Malaysia
12,088
BP
Oil & Gas - UK
11,846
Fresenius Medical Care
Health Care - Germany
11,122
Aspen Pharmacare
Health Care - South Africa
11,062
Tencent
Technology - Hong Kong
9,758
FMC Technologies
Oil & Gas - US
9,354
Kia Motors
Consumer Goods - Korea
9,210
Shanghai Industrial
Industrials - China
9,201
Atlas Copco
Industrials - Sweden
9,091
América Móvil
Telecommunications - Mexico
9,030
Spectris
Industrials - UK
8,872
Petrobras
Oil & Gas - Brazil
8,535
Hengan International
Consumer Goods - Hong Kong
8,375
Vale
Basic Materials - Brazil
7,971
Jardine Matheson
Industrials - Singapore
7,821
China Mobile
Telecommunications - Hong Kong
7,599
Severn Trent
Utilities - UK
7,557
Sampo
Financials - Finland
7,451
New York Community Bancorp
Financials - US
7,308
BT
Telecommunications - UK
7,179
BHP Billiton
Basic Materials - UK
6,971

Past performance may not be repeated and is no indicator of future performance. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount originally invested. SIT has a long term policy of borrowing money to invest in equities in the expectation that this will improve returns and, should stockmarkets fall, such borrowings would magnify losses on these investments. The Trust can buy back and cancel its own shares.  All other things being equal, this would have the effect of increasing gearing.  For planning purposes, an investment in The Scottish Investment Trust PLC should be viewed as a long term commitment.

All sources SIT unless otherwise stated. Industry Classification Benchmark (ICB): Source and copyright FTSE International Limited and Dow Jones & Company, Inc. All rights therein are reserved. ICB is jointly owned by FTSE and Dow Jones and has been licensed for use. FTSE and Dow Jones do not accept liability to any person for any loss or damage arising out of any error or omission in the ICB.

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An investment company registered in Scotland number 1651