Holdings in Investment co.s

Glasgow Income Trust PLC
02 June 2004

2 June 2004



Glasgow Income Trust plc


Pursuant to Listing Rule 21.20 (l) (i), Glasgow Income Trust plc announces that
as at 31 May 2004 its investments in other listed investment companies
(including listed investment trusts) which themselves do not have stated
investment policies to invest no more than 15% of their total assets in other
listed investment companies (including listed investment trusts) were as
follows:

Name of Holding                                                    Number held

Advance UK Trust plc Ord                                               250,000
City Natural Resources High Yield Trust plc Ord                        714,286


Glasgow Income Trust plc is managed by Glasgow Investment Managers.



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