Interim Management Statement

Value & Income Trust plc
04 February 2008

Value and Income Trust PLC


Interim Management Statement - three months ended 31 December 2007


To the members of Value and Income Trust PLC

This Interim Management Statement ('IMS') relates to the period from 1 October
2007 to 31 December 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

An interim dividend of 3.7 pence per ordinary share was paid on 12 January 2008
to shareholders on the register as at 14 December 2007.  The ex-dividend date
was 12 December 2007.

The Board is not aware of any significant events or transactions which have
occurred between 1 October 2007 and 31 December 2007, or between 1 January 2008
and the date of publication of this IMS, which would have had a material impact
on the financial position of the Company.


Ten largest holdings as at 31 December 2007


                                    %age of Gross                                             %age of Gross
                                     Assets as at                                              Assets as at
    Investment            Value (£)   31 December                                               31 December
                                             2007
                                                                                                       2007
                                                        Investment                  Value (£)

1   VT Group              9,653,000          5.94     6 Rotork                      5,802,000          3.57
2   Royal Dutch Shell     7,174,468          4.42     7 National Grid               5,369,292          3.31
3   171/173 Cumnor        6,300,000          3.88     8 Reach Road, Dover           4,700,000          2.89
    Hill, Oxford
4   BP                    6,113,100          3.76     9 Units 1-7, Burlington       4,550,000          2.80
                                                        Centre, St Anne's Road
                                                        West
5   Scottish &            5,932,000          3.65    10 Vodafone                    4,253,670          2.62
    Newcastle
                                                                                        Total         36.84



General description of Company's financial position at 31 December 2007

The Company's net asset value per share was 279.65 pence on a par basis and
249.16 pence on a mark-to-market basis with a mid-market price per ordinary
share of 195.0 pence. Both net asset values are published monthly to the London
Stock Exchange.


Summary of Portfolio based on Total Assets

                                           31 December 2007             30 September 2007
                                           £m             %             £m             %
UK equities                                108.5          66            112.2          66
UK property                                53.8           33            53.8           32
Cash                                       2.8            1             3.4            2
                                           165.1          100           169.4          100



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 used for any other purpose.

All financial information sourced from Aberdeen Asset Management PLC.


For Value and Income Trust PLC
Aberdeen Asset Management PLC, Secretary


4 February 2008

Tel. [phone]


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