Ten Largest Holdings

DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

                             10 LARGEST INVESTMENTS


The company announces that the ten largest investments as at close of business
on 30 April 2005 were as follows:


Company                                 % of Gross Assets
GLAXOSMITHKLINE                                     6.78
HSBC HOLDINGS                                       6.02
SHELL TRANSPORT & TRADING                           5.89
ROYAL BANK OF SCOTLAND GROUP                        5.12
BP                                                  4.76
VODAFONE GROUP                                      3.90
IMPERIAL TOBACCO                                    3.14
HBOS                                                3.08
BT GROUP PLC                                        2.93
DIAGEO                                              2.88
TOTAL                                              44.50



END