*

SIT's monthly statement

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4 August 2008

THE SCOTTISH INVESTMENT TRUST PLC

NAV and Monthly Statement

SUMMARY BALANCE SHEET

 


31 July
2008
£’m

Year End
31 October 2007
£’m


Change

%

Equity investments

653.5

835.4

 

Net current assets (cum-income)

100.6

75.2

 

Total assets

754.1

910.6

 

Borrowings at market value

(102.6)

(112.3)

 

Pension Liability

(0.8)

(0.8)

 

Equity Stockholders' funds
with borrowings at market value

650.7

797.5

 

Cum-Income NAV
with borrowings at market value

500.1p

593.9p

-15.8

Cum-Income NAV
with borrowings at par

496.4p

597.6p

-16.9

Ex-Income NAV
with borrowings at market value

494.7p

587.1p

-15.7

Ex-Income NAV
with borrowings at par

491.0p

590.8p

-16.9

Effective gearing

102%

105%

 

 

DISTRIBUTION OF ASSETS

 


31 July
2008
%

Year End
31 October
2007
%

Equities

UK

25.3

32.1

Europe (ex UK)

15.9

17.7

North America

26.9

22.7

Latin America

5.6

1.0

Japan

3.0

3.1

Asia Pacific (ex Japan)

8.1

14.3

Middle East & Africa

1.9

0.8

Total Equities

86.7

91.7

Net Current Assets (cum-income)

13.3

8.3

Total Assets

100.0

100.0

 

TOP TEN HOLDINGS AT 31 July 2008

 

%

Monsanto

2.7

Gilead Sciences

2.5

United Utilities

2.5

FLIR Systems

2.3

Rio Tinto

2.1

DBS Group

2.0

E.On

1.9

HSBC Holdings

1.9

BNP Paribas

1.8

De La Rue

1.8

 

Total

21.5

No investment amounts to more than 5% of total investments.

UK LISTED INVESTMENT COMPANIES AT 31 July 2008
(* Has a declared policy not to invest more than 15% in Listed Investment companies)

 

%

HG Capital Trust*

1.3

Impax Enviromental Markets*

0.5

BlackRock World Mining Trust*

0.3

Standard Life Investments Property Income Trust *

0.2

Invista European Real Estate Trust

0.1

Invista Foundation Property Trust*

0.1

 

Total

2.5


NAV is net asset value per ordinary stock unit.

In line with our reporting policy, the NAVs are calculated taking the valuation of investments at closing bid or last price, as the case may be.
The latest NAVs are unaudited.

Cum-income means includes undistributed current year revenue.

Ex-income means excludes current year revenue.

Borrowings at market value is the company’s estimate of the fair value of its borrowings.

Borrowings at par is the nominal value of the borrowings less any unamortised issue expenses.

Total assets means total assets (cum-income) less current liabilities.

Gearing is based on ex-income figures with borrowings at par.

All percentage distributions are of total assets.


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Registered Office 6 Albyn Place, Edinburgh, EH2 4NL ©2006 The Scottish Investment Trust PLC
An investment company registered in Scotland number 1651

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