Interim Management Statement

Interim Management Statement - Blue Planet Financials Growth & Income
Investment Trusts (Nos 1-10) plc

Quarter Ended 30th June 2011

Fund Manager's Review

In June our NAV fell 4% to 70.4p per share. The benchmark index returned 0.3%.
The reduction in holdings as a precaution against the wrong outcome in the
Greek austerity vote was the reason for the underperformance in the month. We
remained underweight equities running into the end of the month as markets
rebounded. The share price rose +5.6% to 47.5p. Over the past three months the
Fund's NAV has fallen 10.1% and its share price returned -1%, whilst the
benchmark has fallen 2.8%. The Fund is no longer geared. Three months ago it
was at 47.2%.

The failure to resolve the debt crisis in the US and Europe over the last two
years, has inevitably led to a mid-term stall in terms of a functional policy
path required to pull the economy past the surmounting public debt issues which
have stricken the major developed economies. As the stimulus growth era nears
its end and as worldwide lead indicators have begun to abate, a subpar growth
environment could persist.

Investor sentiment in the month was weak following poor job numbers in the US
economy and European peripheral country woes, as talks of a "Lehmans Moment" in
Europe intensified. The rising cost of insurance against a default in Portugal,
Ireland and Greece, reached a Euro-era record during the month. This was
accentuated by calls for a confidence vote on the Greek incumbent party
(Pasok), as the idea of more stringent austerity measures heavily weighed on
the Greek people.

In the US, the job data negatively surprised and the increases in new non-farm
payrolls were also lower than the market had been expecting. As QE2 efforts
came to a close this month amid efforts to temporarily cease further indebting
the US economy, Federal Reserve Chairman cut his forecast for growth this year
without alluding to another round of QE. As the end of the month drew closer,
there was a sudden shift in sentiment and equities rose nearly as sharply as
they had fallen; primarily due to the austerity measures in Greece being
approved and large French financial institutions signaling their committal to
new debt rollover proposals for Greece.

Amid the market's pessimism in the month, we still believe current US
valuations in the financials space remain attractive and during the month we
took advantage of weak sentiment and historically low valuations to slightly
add to US equities.

Companies in which we are invested reported results as listed below. The
quarterly Net Income ("NI") to the 31st March 2011 year-on-year growth is
provided:

Affiliated Asset Managers NI rose 94%

JP Morgan & Chase NI rose 67%

Bank Rakyat Indonesia NI rose 52%

Dena Bank NI grew 15%

Blackstone returned to profit from a loss a year ago

Krung Thai Bank NI rose 79%

Capital One NI rose 60%

LIC Housing NI rose 47%

Sberbank NI rose 100%

Canara Bank NI rose 79%

Bank of Baroda NI rose 43%

KKR & Co NI rose 40%

SCOR made a loss due to a high level of natural catastrophes

Cumulative Performance (%) as of 30th June 2011

                Current  1 month  3 months 6 months  1 year  3 years  5 years 
                  (p)                                                         
                                                                              
NAV                70.40    -4.0%   -10.1%   -13.3%   -22.3%   -63.2%   -69.1%
                                                                              
Share Price -      47.50     5.6%    -1.0%   -18.1%   -28.0%   -62.1%   -65.4%
Total Return                                                                  
                                                                              
Benchmark          70.67     0.3%    -2.8%    -1.8%    12.6%    15.5%    -5.9%
                                                                              
Discount / +       -32.5    -38.7    -38.7    -28.6    -27.2    -31.3    -36.8
Premium (%)                                                                   

Source: Blue Planet, share price bid to bid, net income reinvested

Discrete Annual Performance (%) as of 30th June 2011

                                  Share price                 Benchmark        
                                                                               
      2Q/10 - 2Q/11                  -28.0%                     12.6%          
                                                                               
      2Q/09 - 2Q/10                  21.9%                      16.1%          
                                                                               
      2Q/08 - 2Q/09                  -56.8%                    -11.7%          
                                                                               
      2Q/07 - 2Q/08                  -41.4%                    -25.5%          
                                                                               
      2Q/06 - 2Q/07                  55.9%                      9.4%           

Source: Blue Planet, share price bid to bid, net income reinvested

Portfolio Information as of 30th June 2011

              Security       Security        Country     Valuation    Weighting 
                Type           Name                          £            %     
                                                                                
89,660         Equity    BP Global           Ireland     2,899,488          15.3
                         Opportunities                                          
                                                                                
                         A Class                                                
                                                                                
21,750         Equity    JP Morgan Chase &      US        550,420            2.9
                         Co                                                     
                                                                                
78,900         Equity    Bank of America        US        537,720            2.8
                         Corp                                                   
                                                                                
16,490         Equity    Capital One            US        530,303            2.8
                         Financial                                              
                                                                                
                         Corp                                                   
                                                                                
201,150        Equity    Sberbank R           Russia      445,763            2.4
                                                                                
990,500        Equity    Blue Planet            UK        425,915            2.3
                         Worldwide                                              
                                                                                
25,450         Equity    Discover               US        423,560            2.2
                         Financial                                              
                                                                                
                         Services                                               
                                                                                
777,430        Equity    Bank Rakyat        Indonesia     366,933            1.9
                         Indonesia                                              
                                                                                
22,410         Equity    Direxion               US        356,088            1.9
                         Financial Bull 3X                                      
                                                                                
66,530         Equity    Aviva Plc              UK        292,067            1.5
                                                                                
216,480        Equity    RSA Insurance          UK        292,032            1.5
                         Group Plc                                              
                                                                                
12,050         Equity    Lazard Ltd             US        278,019            1.5
                                                                                
75,440         Equity    LIC Housing          India       256,226            1.3
                         Finance                                                
                                                                                
15,760         Equity    Itau Unibanco        Brazil      230,732            1.2
                         Holding                                                
                                                                                
                         SA                                                     
                                                                                
547,000        Equity    Krung Thai Bank     Thailand     207,299            1.1
                         PCL                                                    
                                                                                
                         (NVDR)                                                 
                                                                                
506,860        Equity    Other                Other       566,160            3.0
                                                                                
                                                         8,658,725          45.6
                                                                                
              Security         Cash        Denomination  Valuation    Weighting 
                Type       Security Name                     £            %     
                                                                                
               Liquid    Near Cash Assets      GBP           0               0.0
               Assets                                                           
                                                                                
               Liquid          Cash            GBP       2,338,243          12.3
               Assets                                                           
                                                                                
               Liquid          Cash           Other      8,006,263          42.1
               Assets                        Currency                           
                                                                                
                                                         10,344,506         54.4
                                                                                
                                                         19,003,231        100.0

For more information, please visit www.blueplanet.eu

You can also contact the Company on 0845 527 7588 or by emailing
[e-mail]