Top 10 Holdings (amended)

Glasgow Income Trust PLC
04 October 2004



GLASGOW INCOME TRUST PLC

This announcement is to replace the announcement made at 15:08 RNS number 6703D.

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

Balfour Beatty (includes fixed interest stocks)     1,592,158              3.2
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

Glasgow Investment Managers Limited
Secretaries
4 October 2004



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