Portfolio Update

Glasgow Income Trust PLC
03 January 2008


GLASGOW INCOME TRUST PLC - 10 LARGEST INVESTMENTS

The company announces that the ten largest investments as at close of business
on 31 December 2007 were as follows:


Assets With Values Over 5% of Gross Assets

NAME                                                                                Market Value % Ttl Gross Assets
First Group (Includes Fixed Interest Stocks)                                           6,689,951               6.22
National Westminster & Royal Bank of Scotland (Includes Fixed Interest Stocks)         5,531,666               5.14
Bae Systems                                                                            5,400,745               5.02

Top 10 Portfolio Assets

NAME                                                                                Market Value % Ttl Gross Assets
First Group (Includes Fixed Interest Stocks)                                           6,689,951               6.22
National Westminster & Royal Bank of Scotland (Includes Fixed Interest Stocks)         5,531,666               5.14
Bae Systems                                                                            5,400,745               5.02
British Telecom (Includes Fixed Interest Stocks)                                       4,536,510               4.22
Scottish & Southern Energy                                                             4,504,500               4.19
Balfour Beatty (Includes Fixed Interest Stocks)                                        4,476,938               4.16
Rio Tinto                                                                              4,120,675               3.83
Co-Ooperative Bank 9.25% non-cum irr prf                                               3,780,000               3.51
Rentokil Initial (Includes Fixed Interest Stocks)                                      3,718,650               3.46
Friends Provident (Includes Fixed Interest Stocks)                                     3,532,354               3.28





END


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