Interim Management Statement

Interim Management Statement -Blue Planet Financials Growth & Income Investment
Trust

Quarter Ended the 30th June 2010

Fund Manager's Review

In June our undiluted NAV fell 4.9% to 90.6p per share unit. The benchmark
index return was -5.7% in sterling terms. The Fund fell less than the benchmark
as we were positioned to take advantage of the near term envisaged malaise. The
share unit price fell 13.2% to 66.0p per share unit. Over the last three months
the NAV of the fund has fallen 30.5% whilst the benchmark has fallen 13.2% and
the share unit price has fallen 24.1%. As of 30th June 2010, shareholder funds
were £12,382,690 and total borrowings were £7,500,000.

During June we saw continued evidence that there are major risks to the global
economy. The long economic boom through to 2007 was fueled by low interest
rates and accommodative monetary policy, which led to years of high risk
lending by banks and fueled elevated levels of both private and public
expenditure. When this boom turned to bust, sparked by the sub-prime mortgage
debacle in the US, at a point when individuals and corporate were highly
overleveraged, the governments stepped in. Their huge fiscal stimulus packages
returned the global economies to growth. From the start of this year we were
concerned about what would happen when governments started to withdraw their
stimulus packages, as the dangerously over-leveraged state of the public purses
became clear. Looking over the precipice at both private and public
institutions that have run out of firepower is a scary place!

In April we became complacent that the effects of the stimulus, particularly as
it remains in place in the US, and the strength in the Asian economies, would
continue to spur global growth and corporate profitability and drive markets
higher, for somewhat longer, and we reinvested in the market. This was a
mistake. Despite markets having a series of minor rallies, the current trend in
equity markets is down this year and we see major risks ahead of further sharp
market falls.

In the portfolio, we cut equity holdings further and introduced some short
index trackers. As we do not anticipate a rapid return to investing in
equities, we have built a portfolio of shorter-dated financial bonds during
June. These will provide a much improved yield to the portfolio going forward.

Cumulative Performance (%) as of 30th June 2010

                Current  1 month  3 months 6 months  1 year  3 years  5 years 
                  (p)                                                         
                                                                              
     NAV           90.60    -4.9%   -30.5%   -30.9%    -4.8%   -71.5%   -43.7%
 (undiluted)                                                                  
                                                                              
  NAV (fully       90.60    -4.9%   -27.9%   -28.3%    -4.5%   -67.8%   -39.4%
   diluted)                                                                   
                                                                              
Share Price -      66.00   -13.2%   -24.1%   -15.4%    21.9%   -69.1%   -29.6%
 Total Return                                                                 
                                                                              
  Benchmark        64.48    -5.7%   -13.2%    -5.0%    16.1%   -23.6%    -3.3%
                                                                              
Warrant Price       5.00   -93.8%   -96.9%   -97.2%   -97.5%   -99.7%   -98.5%
                                                                              
  Discount:        -27.2    -20.3    -33.2    -40.5    -40.4    -29.4    -38.8
Undiluted (%)                                                                 
                                                                              
  Discount :       -27.2    -20.3    -30.7    -38.3    -40.3    -20.5    -34.4
Fully Diluted                                                                 
     (%)                                                                      

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

Discrete Annual Performance (%) as of 30th June 2010

                                  Share price                 Benchmark        
                                                                               
      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%           
                                                                               
      2Q/05 - 2Q/06                  46.2%                      15.7%          

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

Portfolio Information as of 30th June 2010

           Security          Security           Country    Valuation  Weighting
             Type              Name                            £          %    
                                                                               
   89,660   Equity    BP Global Financials-A    Ireland    3,348,460    13.9   
                              Class                                            
                                                                               
  124,400   Equity   Direxion Financial Bear       US      1,448,271     6.0   
                                3X                                             
                                                                               
   40,360   Equity   DJ Stoxx 600 Banks Short  Luxembourg  1,118,430     4.7   
                               ETF                                             
                                                                               
  690,060   Equity    Bank Rakyat Indonesia    Indonesia    472,006      2.0   
                                                                               
  149,720   Equity   Asya Katilim Bankasi AS     Turkey     230,641      1.0   
                                                                               
   58,390   Equity   Turkiye Garanti Bankasi     Turkey     164,329      0.7   
                                AS                                             
                                                                               
  383,070   Equity            Other              Other      192,585      0.8   
                                                                               
                                                           6,974,722    29.1   
                                                                               
             Bond      Kommunalbanken 05/12      Norway     298,330      1.2   
                              10.0%                                            
                                                                               
             Bond      Morgan Stanley 04/11        US       257,103      1.1   
                               7.5%                                            
                                                                               
             Bond     Citigroup 06/11 5.25%        US       254,524      1.1   
                                                                               
             Bond      Santander 11/10 6.8%      Cayman     253,750      1.0   
                                                Islands                        
                                                                               
             Bond      Abu Dhabi Com 11/11        UAE       253,264      1.0   
                              5.625%                                           
                                                                               
             Bond       ING Bank 10/10 7%     Netherlands   251,525      1.0   
                                                                               
             Bond      Swedbank 06/16 5.25%      Sweden     244,544      1.0   
                                                                               
             Bond     BA Creditanstalt 07/11    Austria     243,722      1.0   
                              5.625%                                           
                                                                               
             Bond     BAC Float 02/12 0.88%        US       241,400      1.0   
                                                                               
             Bond      AMP UK 11/10 6.375%         UK       241,080      1.0   
                                                                               
             Bond        BKIR Float 02/12       Ireland     235,000      1.0   
                             0.74625%                                          
                                                                               
             Bond      Rabobank 07/12 5.50%   Netherlands   186,886      0.8   
                                                                               
             Bond        NAB 05/12 5.25%       Australia    180,235      0.7   
                                                                               
             Bond        BQDAU 12/10 6.0%      Australia    169,730      0.7   
                                                                               
             Bond      Dexia MA 02/12 5.75%      France     135,604      0.6   
                                                                               
                                                           3,446,697    14.2   
                                                                               
           Security            Cash           Denomination Valuation  Weighting
             Type                                              £          %    
                          Security Name                                        
                                                                               
            Liquid       Near Cash Assets         GBP          0         0.0   
            Assets                                                             
                                                                               
            Liquid             Cash               GBP      13,620,567   56.7   
            Assets                                                             
                                                                               
            Liquid             Cash              Other       3,826       0.0   
            Assets                              Currency                       
                                                                               
                                                           13,624,393   56.7   
                                                                               
            Total                                          24,045,812    100   

For more information, please visit www.blueplanet.eu

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