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Welsh Indl.Inv.Tst (WII)

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Friday 21 August, 2009

Welsh Indl.Inv.Tst

Interim Management Statement


Interim Management Statement for the three months ended 5 July, 2009 (Unaudited)

This Interim Management Statement ("the Statement") has been prepared solely to
provide information to meet the requirements of the UK Listing Authority's
Disclosure and Transparency Rules. The Statement covers the three month period
to 5 July, 2009 together with relevant information up to the date of

Investment Objective
Welsh Industrial Investment Trust plc is an authorised investment trust listed
on the London Stock Exchange. The Company's objective is to provide shareholders
with long term capital and income growth by investing primarily in UK equities.

Material events and transactions
As at 5 July, 2009 the value of the securities portfolio had increased by
approximately 16.6% since 5 April, 2009 compared with a rise in the FTSE All
Share index of 5.5%.

The Company's annual results for the year ended 5 April, 2009 were announced on
10 July, 2009.

The Directors are not aware of any other significant events or transactions
which have occurred in the period from 6 April, 2009 to the date of this
Statement that have had a material impact on the financial position of the
Company or Group other than the general overall economic climate.

The Company has two classes of share capital: ordinary shares of 5p each; and
8.75% cumulative preference shares of 20p each. There have been no changes in
the issued share capital of the Company since 5 April, 2009, which as at today's
date, remains at 1,350,000 ordinary shares and 225,000 8.75% cumulative
preference shares.

Financial Information

Investments - Securities                     Market value
                                  05.07.09     05.04.09

                                    £'000       £'000
Listed securities - on the London   1,633       1,504
Stock Exchange
Listed securities - on overseas         7           4
Securities dealt in under AIM       1,368       1,023
Securities dealt in under PLUS         70          60
Unlisted securities                   423         345

TOTAL                               3,501       2,936

Top Ten Investments at 5 July 2009

                          Market       % of
                          Value       portfolio

                             £'000s      £'000s

SpaceandPeople plc*            742         21.21
British American Tobacco       513         14.65
Treasury Stock 6.25% 2010‡     199          5.67
Devro plc‡                     178          5.10
National Grid plc‡             168          4.79
Sinclair (William) Holdings    146          4.17
Anglo Pacific Group‡           143          4.08
Wheelsure Holdings plc         116          3.31
(Loan Stock)**
London & Associated            102          2.91
Properties plc‡
Pactolus Hungarian Property     93          2.64
                             2,400         68.53

‡UK and Overseas Listed
* AIM Traded Securities
** Unlisted security

Sector Analysis at 5 July 2009         % of

Media                                   24
Tobacco                                 15
Utilities                                8
Foods                                    7
Automotive                               7
Property                                 6
Government Stocks                        6
Electronic & Electrical Equipment        5
Information Technology                   4
Mining                                   4
Retail                                   4
Insurance                                3
Financial (Including Investment          3
Building & Construction                  1
Engineering                              1
Leisure                                  1
Oil & Gas                                1


Comparative movements

                             05.04.2009  05.07.2009      %
                               (Audited)  (Unaudited)

Basic net asset value per        266.0p    305.0p    14.7
ordinary share
Mid-market Share price (pence)    175.0     180.0     2.9
FTSE All Share index           2,050.99  2,164.80     5.5

Further information on the Company and Group, including a copy of this
Statement, can be found at

A P Stirling

21 August, 2009                                                                                                                                                                                                                                                      

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