Top Ten Holdings

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 2004 were as follows:



Company                                               % of Gross
                                                     Assets of the
                                                         Group
KELDA GROUP                                               5.1
SCOTTISH & SOUTHERN ENERGY                                4.2
AWG PLC                                                   3.9
VT GROUP PLC                                              3.8
171/173 CUMNOR HILL OXFORD                                3.6
SHELL TRANSPORT & TRADING                                 3.6
LLOYDS TSB GROUP                                          2.7
REACH ROAD DOVER                                          2.6
LEGAL & GENERAL GROUP                                     2.6
HBOS                                                      2.6
TOTAL                                                    34.7

END