10 Largest Investments

DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

                             10 LARGEST INVESTMENTS


The company announces that the ten largest investments as at close of business
on 31 July 2004 were as follows:


Company                                 % of Gross Assets
BP                                                  7.48%
HSBC Holdings                                       6.42%
GlaxoSmithKline                                     6.11%
Vodafone Group                                      4.67%
Royal Bank of Scotland Group                        4.58%
Shell Transport & Trading                           4.16%
Lloyds TSB Group                                    3.26%
HBOS                                                3.13%
BT Group Plc                                        3.05%
Diageo                                              2.79%
TOTAL                                              45.65%



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