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 2003 were as follows:




Company                                     % of Gross Assets
                                               of the Group
Kelda Group                                        4.5
171/173 Cumnor Hill, Oxford*                       4.2
Severn Trent                                       3.5
Shell Transport & Trading                          3.5
VT Group                                           3.5
Scottish & Southern Energy                         3.2
Reach Road, Dover *                                2.9
Units 1-7, Burlington Centre, St Anne's *          2.9
Legal & General Group                              2.8
Channel St, Galashiels*                            2.8
                                                     
                                                   33.8


* At professional valuation at 31 March 2003

END