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JP Morgan Inc & Cap (JPI)

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Friday 22 June, 2007

JP Morgan Inc & Cap

Interim Management Statement

JPMorgan Income & Capital IT PLC
22 June 2007

                 JPMorgan Income & Capital Investment Trust plc



                          Interim Management Statement



                    For the three months ended 31st May 2007



This interim management statement relates to the quarter from 1st March 2007 to
31st May 2007 and contains information that covers that period, unless otherwise
stated.



Financial performance - Cumulative Total Return *


                         1 month      3 months       1 Year       3 Years      5 Years      Since
                                                                                            inception
Share price              3.2%         6.5%           32.3%        197.2%       140.3%       149.8%
Net asset value          4.9%         9.4%           29.9%        146.1%       117.4%       121.2%
Benchmark                1.9%         6.2%           15.4%        53.5%        55.7%        54.4%



* Ordinary share total return with net dividends reinvested

Source: JPMAM/Fundamental Data



Financial position


                                                        As at 31st May 2007     As at 21st June 2007
Total assets (£'000)                                  £205,026                 £200,740
Gearing                                               157%                     £158%


Ordinary Shares                                         As at 31st May 2007     As at 21st June 2007


Net assets (£'000)                                    £110,448                 £106,166
Net asset value per share                             156.29p                  150.23p
Share  price                                          145.25p                  143.50p
Discount                                              7.07%                    4.48%


Zero Dividend Preference Shares                         As at 31st May 2007     As at 21st June 2007
Net assets (£'000)                                    £94,563                  £94,563
Net asset value per share                             145.29p                  145.29p
Share  price                                          146.50p                  146.50p
Premium                                               0.83%                    0.83%



Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data







Material events



There were no material events to report during the first quarter.



Material transactions



Changes to share capital


                                          Issued Ordinary Shares  of Issued Zero Dividend Preference
                                          1p                         Shares of 1p

As at 28th February 2007                  71,453,900                 65,085,982
Shares bought back and cancelled          785,000                    -
Shares issued                             -                          -
As at 31st May 2007                       70,668,900                 65,085,982



During the quarter, the Company made market purchases of 785,000 of its own
ordinary shares for cancellation, representing 1.10% of the shares outstanding
at the beginning of the financial year, at an average discount of 8.70%.



Payment of dividends



On 2nd April 2007 a fourth interim dividend of 3.00 pence per ordinary share was
paid to holders of ordinary shares and units on the register as at the close of
business on 2nd March 2007. This fourth payment, when added to the three interim
dividends of 1.75 pence per ordinary share already paid by the Company, brought
the total dividend for the year ended 28th February 2007 to 8.25 pence per
ordinary share (2006: 7.25 pence).



Portfolio



Top ten holdings as at 31st May 2007


Stock name                                          Sector                             Weight %
European Inv Bank 4.5% 07/12/2007                   Financials                         4.8
UK Treasury 5.0% 07/03/2008                         Financials                         4.8
UK Treasury 4.0% 07/03/2009                         Financials                         4.7
Royal Dutch Shell                                   Resources                          2.1
Rio Tinto                                           Basic Materials                    1.8
HSBC                                                Financials                         1.6
BP                                                  Oil & Gas                          1.6
Invensys                                            Industrials                        1.6
Aviva                                               Financials                         1.6
Kelda                                               Industrials                        1.5









Sector analysis as at 31st May 2007


Sector                                                Portfolio %
Financials                                            24.3
Fixed Income                                          14.3
Industrials                                           9.2
Consumer Services                                     8.7
Utilities                                             8.3
Oil & Gas                                             6.2
Consumer Goods                                        6.0
Basic Materials                                       4.5
Telecommunications                                    2.6
Health Care                                           2.2
Cash                                                  13.7
Total                                                 100.00









By order of the Board
Lucy Dina, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
22nd June 2007



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ







This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.



Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmincomeandcapital.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange