Quarterly Portfolio Disclosure

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 June 2004 were as follows:


Company                    % of Gross Assets of the Group


Kelda Group                                        4.4
171/173 Cumnor Hill, Oxford*                       3.9
VT Group                                           3.5
Severn Trent                                       3.4
Shell Transport & Trading                          3.1
Scottish & Southern Energy                         2.9
Reach Road, Dover *                                2.8
Channel St, Galashiels*                            2.8
Units 1-7, Burlington Centre, St Anne's *          2.7
Lloyds TSB                                         2.7

                                                  32.2




*  At professional valuation at 31 March 2004