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Fins Growth Inc Tst (FGT)

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Monday 31 January, 2011

Fins Growth Inc Tst

Interim Management Statement


                      FINSBURY GROWTH & INCOME TRUST PLC                       

    Interim Management Statement - 3 months to 31 December 2010 (unaudited)    

Finsbury Growth & Income Trust PLC invests principally in the shares of UK
listed companies with the objective of achieving capital and income growth and
providing a total return in excess of that of the FTSE All-Share Index.

The 3 month period ended 31 December 2010 was a strong one for markets. The
Company's net asset value total return was 7.5% and the share price total
return was 6.6%. These results compare to the total return from our benchmark
index, the FTSE All-Share Index, of 7.4% over the same period. Post the period
end, to 26 January 2011, the Company's net asset value total return was 8.4%
and the share price total return was 5.8%. The total return from the benchmark
index was 8.6%.

The Company paid a second interim dividend of 4.4p per share (2009: 5.1p per
share) on 1 November 2010 to shareholders on the register on 1 October, making
8.8p per share for the year (year ended 30 September 2009: 9.5p per share). In
paying this total dividend of 8.8p per share the Company used £170,000 of
brought forward revenue reserves. The principal reason behind the fall in the
Company's income during the year was the significant reduction in the level of
income from the Company's holding in Lloyds preference shares. The Board has
confirmed that the lower level of dividend for the financial year ended 30
September 2010 does not alter its long term objective of a progressive dividend
policy.

During the period and up to the date of this report the Company neither
repurchased shares for nor issued shares from treasury and no new shares were
issued. As at 31 January 2011 the Company had 52,947,423 shares in issue with
no shares being held in treasury.

All of the resolutions proposed at the Company's Annual General Meeting, held
on 27 January 2011, were passed. Details of the level of proxy votes received
can be found on the Company's website at www.finsburygt.com.

Trust Characteristics

                                   31 December 2010       30 September 2010    
                                                                               
Number of holdings                        25                      24           
                                                                               
Net assets (£m)                          169.0                  157.2          
                                                                               
Yield                                    2.8%                    3.0%          
                                                                               
Gearing (AIC basis)                       107                    107           
                                                                               
Share price (p)                         317.50                  297.75         
                                                                               
Net asset value per share (p)           319.17                  296.86         
(ex income)                                                                    
                                        320.68                  296.86         
Net asset value per share (p)                                                  
(inc income)                                                                   
                                                                               
(Discount)/premium of share             (0.5)%                   0.3%          
price to net                                                                   
                                                                               
asset value per share (ex                                                      
income)                                                                        

Source: Frostrow Capital LLP

Sector Analysis

                                % of portfolio             % of portfolio      
                                                                               
                             at 31 December 2010        at 30 September 2010   
                                                                               
Financials                           17.6                       14.9           
                                                                               
Consumer Services                    30.6                       29.2           
                                                                               
Consumer Goods                       38.8                       41.3           
                                                                               
Technology                           10.9                       11.8           
                                                                               
Preference Shares                    2.1                        2.8            
                                                                               
Total                               100.0                      100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name                            % of portfolio             % of portfolio      
                                                                               
                             at 31 December 2010        at 30 September 2010   
                                                                               
Diageo                               10.5                       10.4           
                                                                               
Unilever                             9.7                        9.6            
                                                                               
A.G. Barr                            8.7                        11.1           
                                                                               
Pearson                              7.0                        7.1            
                                                                               
Fidessa                              5.7                        6.1            
                                                                               
Schroders                            5.6                        4.7            
                                                                               
Rathbone Brothers                    5.3                        4.5            
                                                                               
Sage                                 5.2                        5.7            
                                                                               
Reed Elsevier                        4.4                        4.7            
                                                                               
Kraft Foods                          4.0                        4.2            
                                                                               
Total                                66.1                       68.1           

Source: Frostrow Capital LLP

Total Return Performance (to 31 December 2010)

                1 Month         1 Year          3 Years         5 Years        
                                                                               
Share Price     +7.1%           +34.6%          +26.7%          +37.0%         
                                                                               
Net asset value +6.9%           +29.4%          +20.3%          +41.6%         
per share                                                                      
                                                                               
Benchmark*      +7.1%           +14.5%          +4.4%           +28.4%         

Source: Morningstar

* Benchmark - FTSE All-Share Index measured on a total return basis.

Past performance is not a guide to future performance.

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.

This Interim Management Statement is available on the Company's website 
www.finsburygt.com.

The Company's Net Asset Value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

SEDOL Code:

Ordinary Shares - 0781606

ISIN -

Ordinary Shares GB0007816068

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

31 January 2011