Portfolio Update

Value & Income Trust plc
05 January 2006

              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 December 2005 were as follows:




Assets With Values Over 5% of Gross Assets

NAME                                                                             Market Value      % Ttl Gross
                                                                                                        Assets
Top 10 Portfolio Assets
NAME                                                                             Market Value      % Ttl Gross
                                                                                                        Assets
ROYAL DUTCH SHELL EUR0.07 'B' SHS                                                   6,781,700             4.91
VT GROUP PLC ORD GBP0.05                                                            6,533,450             4.73
LEGAL & GENERAL GROUP ORD GBP0.025                                                  5,490,000             3.97
ROTORK ORD GBP0.05                                                                  4,014,000             2.91
HBOS ORD GBP0.25                                                                    3,823,050             2.77
UNITS 1-7 BURLINGTON CENTRE ST ANNES ROAD WEST                                      3,800,000             2.75
VODAFONE GROUP ORD USD0.10 (UK REGD)                                                3,765,000             2.73
KELDA GROUP ORD GBP15.55555                                                         3,637,800             2.63
REACH ROAD DOVER                                                                    3,500,000             2.53
LLOYDS TSB GROUP ORD GBP0.25                                                        3,497,660             2.53






END


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