Interim Management Statement

Value & Income Trust plc
06 July 2007


Value and Income Trust PLC


Interim Management Statement - three months ended 30 June 2007


To the members of Value and Income Trust PLC ('the Company')

This Interim Management Statement ('IMS') relates to the period from 1 April
2007 to 30 June 2007 and contains information that covers this period, and up to
the date of publication of this IMS, unless otherwise specified.


Investment objective and benchmark

Value and Income Trust is a specialist United Kingdom investment trust designed
for both institutional and private investors.  It invests in higher-yielding,
less fashionable areas of the UK commercial property and quoted equity markets,
particularly in medium and smaller sized companies.  Its aim is long term real
growth in dividends.  The FTSE All-Share Index is the benchmark index for Value
and Income Trust.


Material events

Matthew Oakeshott was appointed a director on 1 April 2007 following Angela
Lascelles stepping down as a director on 31 March 2007. Matthew Oakeshott's
election was voted upon and approved by shareholders at the Annual General
Meeting ('AGM') on 6 July 2007.

Following shareholder approval at the AGM, a final dividend of 3.5 pence per
ordinary share will be paid on 12 July 2007 to shareholders on the register as
at 22 June 2007.  All other resolutions put to shareholders at the AGM were
approved.

The Board is not aware of any significant events or transactions which have
occurred between 30 June 2007 and the date of publication of this IMS which
would have a material impact on the financial position of the Company.


Ten largest holdings as at 30 June 2007

                                       %age of                                            %age of
                                       Gross Assets                                       Gross
    Investment                         as at 30          Investment                       Assets as
                                       June 2007                                          at 30 June
                       Value (£)                                            Value (£)     2007

1   VT Group           9,055,200       5.2          6    Scottish &         5,124,000     2.9
                                                         Newcastle
2   Royal Dutch Shell  7,150,439       4.1          7    BT Group           4,987,500     2.9
3   171/173 Cumnor     6,300,000       3.6          8    Restaurant Group   4,950,000     2.8
    Hill, Oxford
4   BP                 5,993,820       3.4          9    Vodafone           4,908,150     2.8
5   Rotork             5,478,000       3.1          10   National Grid      4,751,244     2.7
                                                                            Total         33.5



General description of Company's financial position at 30 June 2007

As at 30 June 2007, the Company's net asset value per share was 299.80 pence on
a par basis and 275.65 pence with the debenture loan stock instruments valued on
a mark-to-market basis.  The mid-market price per ordinary share of the Company
was 249.25 pence at 30 June 2007. Both net asset values are published monthly to
the London Stock Exchange.


Summary of Portfolio based on Total Assets

                                           30 June 2007                 31 March 2007
                                           £m             %             £m             %

UK equities                                119.2          68            118.7          68
UK property                                54.5           31            54.5           31
Cash                                       1.3            1             1.8            1
                                           175.0          100           175.0          100



All financial information sourced from Edinburgh Fund Managers PLC.



Important Information

Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
  Investors may not get back the amount they originally invested.



This IMS has been produced solely to provide additional information to
shareholders as a body to meet the relevant requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be relied upon by
any other party or for any other purpose.



For Value and Income Trust PLC
Edinburgh Fund Managers PLC, Secretary

6 July 2007


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