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JP Morgan Inc & Cap (JPI)

  Print      Mail a friend       Annual reports

Monday 07 January, 2008

JP Morgan Inc & Cap

Interim Management Statement

JPMorgan Income & Capital IT PLC
07 January 2008

                 JPMorgan Income & Capital Investment Trust plc

                          Interim Management Statement

                 For the three months ended 30th November 2007

This interim management statement relates to the quarter from 31st August 2007
to 30th November 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
Share price              -5.7%        -1.7%          6.1%         119.7%       359.6%       129.3%
Net asset value          -8.0%        -5.1%          -3.8%        83.6%        172.6%       87.5%
Benchmark                -2.9%        1.6%           7.6%         41.3%        72.8%        53.2%

* Ordinary share total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position
                                                      As at 30th November 2007 As at 3rd January 2008
Total assets (£'000)                                  £189,195                 £188,058
Gearing (ordinary shares)                             156%                     149%
Gearing (units)                                       98%                      96%

Ordinary Shares                                       As at 30th November 2007 As at 3rd January 2008

Net assets (£'000)                                    £90,813                  £89,027
Net asset value per share                             128.50p                  125.98p
Share  price                                          126.00p                  121.00p
Discount                                              -1.95%                   -3.95%

Zero Dividend Preference Shares                       As at 30th November 2007 As at 3rd January 2008
Net assets (£'000)                                    £98,370                  £99,019
Net asset value per share                             151.14p                  152.13p
Share  price                                          150.25p                  151.00p
Discount                                              -0.59%                   -0.75%

Share prices shown are closing mid
Net asset values are shown with debt at fair value
Source: JPMAM/Fundamental Data

Material events

Following a ruling by the European Court of Justice, HM Revenue and Customs has
recently accepted that VAT will no longer be charged on investment management
fees.  For the Company it may also be possible to recover some of the VAT paid
in the past on management fees. The quantum of any such repayment is subject to
a number of legal and procedural considerations, and it may take some time for
confirmation of entitlement to any refunds and the timing of any repayments to
be determined.  However, the Company has been advised that the possible value
for ordinary shareholders represented by these refunds might amount to in excess
of 1p per ordinary share.

At present, it is unlikely that it will be possible to reach a resolution of
this matter prior to the winding up of the Company on 29th February 2008 and,
accordingly, such resolution will become the responsibility of the liquidators.

Material transactions

Changes to share capital

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

As at 31st August 2007                    70,668,900                 65,085,982
Shares bought back and cancelled          -                          -
Shares issued                             -                          -
As at 30th November 2007                  70,668,900                 65,085,982

Payment of dividends

On 1st October 2007 a second quarterly interim dividend of 2.00 pence per
ordinary share for the year ending 29th February 2008 was paid to holders of
ordinary shares and units on the register at the close of business on 31st
August 2007.


Top ten holdings as at 30th November 2007

Stock name                                          Sector                             Weight %

European Inv Bank 4.5% 07/12/2007                   Financials                         5.3
UK Treasury 4% 07/03/2009                           Financials                         5.2
UK Treasury 5% 07/03/2008                           Financials                         5.2
BP                                                  Oil & Gas                          2.3
Royal Dutch Shell                                   Oil & Gas                          2.3
HBOS                                                Financials                         2.1
Barclays                                            Financials                         2.1
Royal Bank of Scotland                              Financials                         1.9
Xstrata                                             Basic Materials                    1.8
Biffa                                               Industrials                        1.7

Sector analysis as at 30th November 2007

Sector                                                Portfolio %
Financials                                            19.6
Fixed Income                                          15.7
Industrials                                           9.8
Consumer Services                                     9.4
Utilities                                             7.2
Oil & Gas                                             5.8
Consumer Goods                                        3.0
Telecommunications                                    2.8
Basic Materials                                       2.8
Health Care                                           1.2
Cash                                                  22.7

Total                                                 100.00

By order of the Board
Lucy Dina, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
7th January 2008

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

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