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 30 September 2004 were as follows:



Company                                          % of Gross
                                               Assets of the
                                                   Group
KELDA GROUP                                         4.9
171/173 CUMNOR HILL OXFORD                          3.8
SEVERN TRENT                                        3.7
VT GROUP PLC                                        3.4
SCOTTISH & SOUTHERN ENERGY                          3.3
SHELL TRANSPORT & TRADING                           3.1
REACH ROAD DOVER                                    2.8
CHANNEL ST GALASHIELS                               2.8
UNITS 1-7 BURLINGTON CENTRE ST ANNES ROAD WEST      2.7
LLOYDS TSB GROUP                                    2.6
TOTAL                                               33.1



END