Top Ten Investments

Glasgow Income Trust PLC
02 July 2004





GLASGOW INCOME TRUST PLC



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

Company                                                    £              % of
                                                                  Total Assets

Pendragon                                          1,740,000               3.5
BOC Group (includes fixed interest stocks)         1,469,216               3.0
Band of Scotland 8.117% Bond                       1,437,930               2.9
Vodafone                                           1,410,767               2.9
BAE Systems 7.75% Cum Conv.                        1,372,500               2.8
Lloyds TSB Group                                   1,298,497               2.6
Liberty International                              1,271,517               2.6
Severn Trent                                       1,234,835               2.5
United Utilities                                   1,201,334               2.4
Tate & Lyle                                        1,177,579               2.4



Glasgow Investment Managers Limited

Secretaries

2 July 2004






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