Portfolio Update

Glasgow Income Trust PLC
01 March 2006


1 March 2006

Glasgow Income Trust plc


Pursuant to Listing Rule 21.20 (l) (i), Glasgow Income Trust plc announces that
as at 28 February 2006 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

City Natural Resources High Yield Trust plc Ord                          914,286


Glasgow Income Trust plc is managed by Glasgow Investment Managers.





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