Miscellaneous 10 Largest Investments

VALUE AND INCOME TRUST PLC - 10 LARGEST INVESTMENTS


The  group  announces that the ten largest investments (equities and properties)
as at close of business on 31 March 2004 were as follows:


Company                    % of Gross Assets of the Group


Kelda Group                                        4.1
171/173 Cumnor Hill, Oxford*                       4.0
VT Group                                           3.6
Severn Trent                                       3.4
Scottish & Southern Energy                         3.1
Shell Transport & Trading                          2.8
Reach Road, Dover *                                2.7
Units 1-7, Burlington Centre, St Anne's *          2.7
Channel St, Galashiels*                            2.7
Lloyds TSB                                         2.6

                                                  31.7




*  At professional valuation at 31 March 2003

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