Portfolio Update

Shires Income PLC
01 February 2006


2 February 2006


SHIRES INCOME PLC


Pursuant to Listing Rule 21.20 (l) (i), Shires Income plc announces that as at
31 January 2005 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

Advance UK Trust plc Ord                                               750,000





Shires Income plc is managed by Glasgow Investment Managers.



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