DPV Downing Pro

    Interim Management Statement
             



Downing Protected VCT II plc
Interim Management Statement
for the three months ended 30 April 2007


In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Downing Protected VCT II plc presents an
Interim Management  Statement for  the three  month period  ended  30
April  2007.    The   statement  also  includes  relevant   financial
information between  the end  of  the period  and  the date  of  this
statement.


Dividends paid or declared in the period
On 15 May 2007, the Company declared a final dividend of 1.5p per
Ordinary share to be paid (subject to Shareholder approval) on 13
July 2007 to shareholders on the register at 8 June 2007.


Performance

Downing Protected VCT II plc

                               30 April 31 January 31 July 31 January
                                   2007       2007    2006       2006
                                  Pence      Pence   Pence      Pence
Net Asset Value ("NAV")            96.4       95.8    95.3       95.7
Cumulative Dividends                1.0        1.0     1.0          -
Total Return *                     97.4       96.8    96.3       95.7
* (NAV plus cumulative dividends paid
since launch)



Investment portfolio summary at 30 April 2007

Portfolio investments by value

                                                             Movement
                                         Cost   Valuation   in period
                                        �'000       �'000       �'000
Qualifying venture capital investments
Cymbal Contracting Limited              1,000       1,000           -
Ebury Contracting Limited               1,000       1,000           -
Ebury Contracting (South East) Limited  1,000       1,000           -
Hoole Hall Country Club and Spa Limited 1,000       1,000           -
Nu Nu plc                               1,000       1,000           -
Honeycombe Pubs VCT plc                   650         650           -
Chapel Contractors Limited                460         460           -
Downing Office Villages Contractor
Limited                                   252         252           -
                                        6,362       6,362           -
Non qualifying venture capital
investments
Vermont Developments Limited              875         875           -
Green Mountain Constructions Limited      430         430           -
Heyford Homes (Thornton Hall) Limited     376         376           -
Sanguine Hospitality Limited              250         250           -
                                        1,931       1,931           -

Listed fixed income investments         1,418       1,383         (1)

Total                                   9,711       9,676         (1)



Investment additions during the 3 months ended 30 April 2007


                                         Cost
                                        �'000
Green Mountain Constructions Limited      430
Hoole Hall Country Club and Spa Limited 1,000
Sanguine Hospitality Limited              250
Vermont Developments Limited              875
                                        2,555



Investment disposals during the 3 months ended 30 April 2007

                       Market value at
                       1 February 2007          Gain/(loss)     Total
                                       Disposal      against realised
               Cost                    proceeds         cost     gain
              �'000              �'000    �'000        �'000    �'000
Heyford Homes
(Wheldon) Ltd   131                131      131            -        -
American
Express
18/08/09        511                497      498         (13)        1
Countrywide
Financial
15/12/08        509                499      499         (10)        -
HSBC Finance
22/01/10        519                503      504         (15)        1
              1,670              1,630    1,632         (38)        2


Since the period end Vermont Developments Limited has repaid loan
stock of �375,000 at par.

Changes to share capital

                                     Ordinary Shares
                                       of 10p each
                                         Shares �'000
As at 31 January 2007                10,138,848   101
Shares bought back and cancelled              -     -
As at 30 April 2007                  10,138,848   101



Material events
Other than described below, there were no material events during  the
period from 1 February 2007 to 30 April 2007 or in the period from  1
May 2007 to the date of this announcement.

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