Portfolio Update

Glasgow Income Trust PLC
02 May 2006


2 May 2006





Glasgow Income Trust plc



Pursuant to Listing Rule 15.4.1.1 (R), Glasgow Income Trust plc announces that
as at 28 April 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                814,286
plc Ord





Glasgow Income Trust plc is managed by Glasgow Investment Managers.



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