Top Ten Holdings

Glasgow Income Trust PLC
04 October 2005


4 October 2005

GLASGOW INCOME TRUST PLC

In accordance with UKLA Listing Rule 21.20 (1) (ii), Glasgow Income Trust PLC
announces that at 30 September 2005 the ten largest investments held were as
follows:

Company                                                     £           % of
                                                                    Total Assets

Balfour Beatty (includes fixed interest stocks)     3,360,549              3.7
BAE Systems 7.75% Cum Conv                          3,208,275              3.5
Lloyds TSB (includes fixed interest stocks)         2,722,102              3.0
Severn Trent                                        2,435,462              2.7
Pendragon                                           2,287,350              2.5
HSBC Holdings                                       2,285,402              2.5
Scottish & Southern Energy                          2,140,320              2.4
Holidaybreak                                        2,139,107              2.4
Wolverhampton & Dudley                              2,125,472              2.3
ATH Resources                                       2,055,300              2.3

Glasgow Income Trust plc is managed by Glasgow Investment Managers Limited



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