Top 10 Holdings

Glasgow Income Trust PLC
04 October 2004



GLASGOW INCOME TRUST PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Glasgow Income Trust PLC
announces that at 30 September 2004 the ten largest investments held were as
follows:

Company                                                    £            % of
                                                                    Total Assets

Dixons                                             1,536,750               3.1
BOC Group (includes fixed interest stocks)         1,477,571               3.0
Band of Scotland 8.117% Bond                       1,466,400               3.0
Severn Trent                                       1,362,041               2.8
BAE Systems 7.75% Cum Conv.                        1,312,500               2.7
Lloyds TSB Group                                   1,297,745               2.6
HSBC Hldgs (US$0.50)                               1,228,528               2.5
European Motor Hldgs                               1,190,625               2.4
Scottish & Southern Energy                         1,168,500               2.4
ATH Resources                                      1,151,312               2.3

Glasgow Investment Managers Limited
Secretaries
4 October 2004



                      This information is provided by RNS
            The company news service from the London Stock Exchange