Interim Results

Interim Results
For the six months ended 30 September 2003


Blue Planet Financials Growth and Income Investment Trust No 1 plc
Blue Planet Financials Growth and Income Investment Trust No 2 plc
Blue Planet Financials Growth and Income Investment Trust No 3 plc
Blue Planet Financials Growth and Income Investment Trust No 4 plc
Blue Planet Financials Growth and Income Investment Trust No 5 plc
Blue Planet Financials Growth and Income Investment Trust No 6 plc
Blue Planet Financials Growth and Income Investment Trust No 7 plc
Blue Planet Financials Growth and Income Investment Trust No 8 plc
Blue Planet Financials Growth and Income Investment Trust No 9 plc
Blue Planet Financials Growth and Income Investment Trust No 10 plc

Each  of  the investment trusts is a separate limited  company,
but  otherwise they are to all intents and purposes  identical.
The information contained in this Interim Report, including the
financial  statements,  applies equally  to  each  of  the  ten
Trusts.


Trading in the shares and warrants of the Trusts
The  Trusts'  shares  and warrants can be traded  in  share  or
warrant  units.  Each  unit comprises  10  shares  or  warrants
respectively,  1  in each of the 10 trusts.   It  is  generally
cheaper  for  investors to trade in the units rather  than  the
underlying shares or warrants.


Objective
The  objective  of  the ten Blue Planet Financials  Growth  and
Income Investment Trusts is to offer investors a high level  of
income  combined  with capital growth and  the  opportunity  to
profit  from  the  ongoing  rationalisation  of  the  Financial
Services sector.

Financial Highlights

                              Six months ended        Six months ended         Year ended 31
                                30 September           30 September             March 2003
                               2003 (unaudited)        2002 (unaudited)          (audited)

Shareholders' funds (£'000)               1,698                   1,390                1,346
Net asset value per share (p)            125.01                  101.94                98.72
Share price (p)                          101.75                   87.25                80.65
Discount (%)                              18.61                   14.41                18.30

Revenue available for
shareholders (£'000)                         31                      37                   50
Revenue return per share (p)               2.25                    2.65                 3.65
Dividend per share (p)                     1.25                    1.35                 3.60
Dividend yield on our shares (%)              -                       -                 4.46
Dividend yield on FTSE All Share Index (%) 3.36                    3.73                 3.87


Dividend
An  interim net dividend of 1.25p per ordinary share has been  declared,
payable  on 21 January 2004, to shareholders on the register as  at  the
close  of  business  on 17 December 2003.  The Trusts'  shares  will  be
quoted ex-dividend on 17 December 2003.


Capital Gains Tax
Apportionment for capital gains tax between ordinary shares and warrants
based on mid-market prices on the first day (25 April 1996) of dealings
in the ordinary shares and the warrants:

Each ordinary share                  95.24p
Each warrant                         23.80p


Chairman's Statement

Performance

I am pleased to report that your Company continues to perform much
better than its Benchmark Index and the main UK stock market indices.

In the six months to 30 September 2003 our undiluted net asset value per
share (NAV) rose 26.6% to 125.01p compared to a rise of only 8.3% in our
Benchmark Index which comprises of a 50% weighting in the FTSE Banks
Index (up 18.3%), and a 50% weighting in the FT Fixed Interest Index
(down 1.7%).  To give shareholders a broader measure of, and feel for,
our performance the FTSE100 rose by 13.2% over the same period.

To put our performance in context, we generated over £3 of value for
shareholders for every £1 generated by our Benchmark Index. Even by
comparison with the FTSE100 index, for every £1 of value that index
added, we added over £2.

Our share price also rose sharply to £10.175 per ordinary share unit -
an increase of 26.2 % in six months.  However, because the rise in our
share price failed to keep pace with the rise in our NAV, the discount
to NAV at which our shares traded widened slightly from 18.3% to 18.6%.
The board and the managers are committed to reducing the discount on the
company's shares by the use of buy backs and treasury shares when they
are available.

The best performing stocks in £ terms in the portfolio over the period
under review were:

·    HypoVereinsbank, (Germany) + 118.3%
·    Commerzbank, (Germany) + 105.3%
·    Dexia, (Belgium) + 52.4%
·    Abbey National, (UK) + 50.2%
·    Amvescap, (UK) + 48.5%

The worst performing holding in the period under review were the
following bonds:
·    Cheshire Building Society Floating Rate PIBS, (UK) +2.2%
·    First Active 11.5% Subordinated Bonds, (Ireland) -1.2%

Gearing
Gearing for the Company is provided by a £750,000 loan facility. The
purpose of the loan is to acquire investments in the expectations that
the returns from these will exceed the cost of financing the loan.  As
at the end of the interim period, the loan, net of cash deposits,
represented 42.4% of NAV.

Blue Planet ISA and low cost dealing service
To  take out an ISA with Blue Planet Investment Management Ltd call 0131
466  6666.   They  also offer investors a low cost stock-market  dealing
service.   Full details of these services were given in the last  annual
report   and   are   given   on  their  website   www.blueplanet.eu.com.
Alternatively,  they may be obtained by contacting Blue Planet  on  0131
466 6666.

Operating efficiency
The  board  regularly reviews with the Investment Manager the  operating
efficiency  of the Company to see if costs can be reduced  in  a  manner
that does not damage the Company in order that any savings can be passed
onto shareholders.  It has led us to reduce the number of newspapers  in
which we published our share price and it is now only published in  "The
Times".  Shareholders can also view the Company's share price and  other
information  about  it  on  the  websites  of  Blue  Planet   Investment
Management Limited (www.blueplanet.eu.com) and the London Stock Exchange
(www.londonstockexchange.com). To find the Company's share price on  the
London Stock Exchange's website go to their home page and type "BPFU" in
the "Stock Search" field.

Dividend
In our last report and accounts, our investment managers, Blue Planet,
expressed the view that "we are now at or near the bottom of the
interest rate cycle and that equities are undervalued and are well
placed to show appreciation over the coming years". They also advised
the Board to increase the equity element of the portfolio and reduce the
fixed interest element in order to maximise future returns for
shareholders.  This we have done, increasing the percentage of the
portfolio invested in equities from 53.6% to 71.5%.  Subsequent rises in
UK interest rates and equities and falls in the value of bonds have
fully justified this move.

However, as I have indicated in the past, this rebalancing of the
portfolio unavoidably reduces our income and our dividend paying
capacity in the short term. Nevertheless, we are committed to managing
this in such a manner as to minimise its adverse effect on our dividend
and an interim dividend of 1.25p per share (12.5p per unit) will be paid
on 21 January 2004 to shareholders on the register on 17 December 2003.
This represents a very modest reduction on last year's interim dividend
of 1.35p per share (13.5p per unit).

Outlook

Your board believes that the outlook for your Company is better now than
it has been for several years.  The American economy has just posted its
fastest  rate  of  growth  in nearly twenty  years.   There  are  strong
indications  that  the  German  and  other  major  economies  are   also
recovering after a long period of low or no growth.  Stock markets  have
recovered  from  their  lows and there are growing  indications  that  a
sustained recovery may be on the way.  We are invested in a sector which
your  board believes will be one of the main beneficiaries of  any  such
recovery  and,  if this recovery does come to pass, our  high  level  of
gearing  should allow us to produce returns to investors that are  above
that of the main stock market indices.

The recent reporting season for UK banks has mostly shown increased pre-
tax  profits,  earnings per share and dividends.  Elsewhere  in  Europe,
banks also continue to fare well. Recovering stockmarkets will also help
the  earnings  of  other financial companies such as stockbrokers,  fund
managers  and life companies.  They will also lead investors  to  switch
from  bonds and cash into equities and encourage more takeovers both  of
which  will  further  fuel  the recovery in share  prices  and  generate
increased fees and commissions for financial companies.

Time  and  time  again the banking sector demonstrates  its  ability  to
deliver good growth both in earnings and dividends. We believe that  all
well  constructed  portfolios  should  have  at  their  core  a  quality
portfolio  of shares in banks and other financial companies. We  believe
that  your  fund provides this and should be seen as a core holding  for
investors.   We  look  forward  to the  future  with  a  great  deal  of
confidence and would like to thank you for your continuing support.

Philip Court
Chairman

27 November 2003


Statement of Total Return
(incorporating the revenue account)

                             For the six months           For the six months          For the year ended 31 March 2003
                             ended 30 September           ended 30 September
                              2003 (unaudited)             2002 (unaudited)
                           Revenue   Capital   Total     Revenue  Capital       Total     Revenue    Capita      Total


                                 £          £       £          £         £          £            £         £         £
Capital gains/(losses)
on investments

Net realised gains               -     15,808  15,808          -   129,641    129,641            -   288,424   288,424
Unrealised gains/(losses)
on investments                   -    347,289 347,289          -  (660,567)  (660,567)            - (833,002) (833,002)
Exchange gain/(loss)             -     (3,587) (3,587)         -         -          -             -    2,013     2,013
                            _________________________   _____________________________  _______________________________

Net capital gains/(losses)
on investments                   -    359,510 359,510          -  (530,926)  (530,926)            - (542,565) (542,565)

Gross revenue
Income from investments     68,769          -  68,769     77,758         -     77,758      122,845             122,845
Other interest receivable      851          -     851      3,433         -      3,433        6,905               6,905
                            _________________________   _____________________________  _______________________________
Gross revenue and capital
gains/(losses)              69,620    359,510 429,130     81,191  (530,926)  (449,735)    (129,750) (542,565) (412,815)

Administrative expenses    (24,136)    (7,209)(31,345)   (28,977)   (7,573)   (36,550)     (49,079)  (14,252)  (63,331)
                           __________________________   _____________________________  _______________________________
Net return before interest
payable and taxation        45,484    352,301 397,785     52,214  (538,499)  (486,285)      80,671  (556,817) (476,146)
Interest payable           (11,253)   (11,252)(22,505)   (11,255)  (11,255)   (22,510)     (22,446)  (22,446)  (44,892)
                           __________________________   _____________________________  _______________________________
Return on ordinary
activities before taxation  34,231    341,049 375,280     40,959  (549,754)  (508,795)      58,225  (579,263) (521,038)

Taxation on return on
ordinary activities         (3,570)     2,690    (880)    (4,291)    4,524        233       (8,091)    6,535    (1,556)

Return on ordinary
activities after taxation   30,661    343,739 374,400     36,668  (545,230)  (508,562)      50,134  (572,728) (522,594)

Dividends declared
Interim dividend of 1.25p
(2003 - 1.35p) per share   (16,981)         - (16,981)   (18,406)        -    (18,406)     (18,406)        -   (18,406)


Final dividend of  - p
(2003 - 2.25p) per share         -          -       -          -         -          -      (30,676)        -   (30,676)
                           __________________________   _____________________________  _______________________________
                           (16,981)         - (16,981)   (18,406)        -    (18,406)     (49,082)        -   (49,082)
                           __________________________   _____________________________  _______________________________

                           __________________________   _____________________________  _______________________________
Transfer to reserves        13,680    343,739 357,419     18,262  (545,230)  (526,968)       1,052  (572,728) (571,676)
                           __________________________   _____________________________  _______________________________

Return per ordinary share
- basic (note 3)              2.25p     25.23p  27.48p      2.65p   (39.44)p   (36.79)p       3.65p   (41.72)p  (38.07)p
                           __________________________   _____________________________  _______________________________

Return per ordinary share
- diluted                     2.25p     25.23p  27.48p      2.65p   (39.43)p   (36.78)p       3.65p   (41.72)p  (38.07)p
                           __________________________   _____________________________  _______________________________


The Revenue column of the statement represents the profit & loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.

Balance Sheet


                                       At 30         At 30         At 31
                                   September     September         March
                                        2003          2002          2003
                                 (unaudited)   (unaudited)
                                           £             £             £

Fixed asset investments
Listed  investments                2,395,735     2,057,588     1,535,306
                                ____________  ____________  ____________
Current assets                        84,810       128,267       604,767

Creditors: amounts falling due
within one year                      (32,298)      (46,049)      (44,185)
                                ____________  ____________  ____________
Net current assets                    52,512        82,218       560,582

Total assets less current
liabilities                        2,448,247     2,139,806     2,095,888

Creditors: amounts falling due
after more than one year (note 5)   (750,000)     (750,000)     (750,000)
                                ____________  ____________  ____________

Net assets                         1,698,247     1,389,806     1,345,888
                                ____________  ____________  ____________


Capital and reserves

Called-up share capital (note 4)    135,850       136,338       136,338
Share premium account             1,168,744     1,168,608     1,168,609
Other reserves
Capital reserve - realised          408,870       271,091       414,012
Capital reserve - unrealised       (131,893)     (305,965)     (475,595)
Capital redemption reserve            8,450         7,950         7,950
Warrant reserve                      63,375        63,403        63,403
Revenue reserve                      44,851        48,381        31,171
                               ____________  ____________  ____________

Equity Shareholders' Funds        1,698,247     1,389,806     1,345,888
                               ____________  ____________  ____________

Net Asset Value per Ordinary
Share - basic                       125.01p       101.94p        98.72p
                               ____________  ____________  ____________

Net Asset Value per Ordinary
Share - diluted                     120.91p       101.62p             -
                               ____________  ____________  ____________




Cashflow


                             For the                  For the              For the year
                          six months ended          six months ended         ended
                            30 September              30 September         31 March 2003
                              2003                      2002
                            (unaudited)               (unaudited)
                                         £                         £                  £
Operating activities
Cash received from
investments                         51,119                    62,294            125,859
Interest received                    1,435                     3,957              7,440
Investment management
and secretarial fees               (15,740)                  (17,121)           (32,280)
Cash paid to and on
behalf of directors                      -                        47             (2,733)
Other cash payments                (19,408)                  (24,967)           (32,853)
                         _________________         _________________      _____________
Net cash inflow from
operating activities                17,406                    24,210             65,433

Servicing of finance
Interest paid                      (22,259)                  (22,263)           (44,891)


Taxation
Tax paid                                 -                        -             (10,057)

Capital expenditure and
financial investment
Purchase of investments           (553,833)                 (664,794)          (696,720)
Sale of investments                 56,499                   391,097            931,654

Equity dividend paid               (30,676)                  (34,698)           (53,103)


Financing
Purchase of own shares
for cancellation                    (5,181)                  (25,138)           (25,138)
Proceeds from share
issue                                  120                       480                480
                         _________________         _________________      _____________
(Decrease)/increase in
cash                              (537,924)                 (331,106)           167,658


Notes

1.   These interim accounts have been prepared under the historical cost
convention, modified to include the revaluation of investments,  and  in
accordance  with  applicable Accounting Standards.  The Company  follows
the  recommendations  of  the  1995 Statement  of  Recommended  Practice
'Financial  Statements  of  Investment  Trust  Companies'  (SORP).   The
interim accounts have also been prepared on the assumption that approval
as  an investment trust continues to be granted and using the accounting
policies applied in the annual accounts.

2.    All expenses are charged to the revenue account with the exception
of  management  fees  and interest charges on borrowings,  one  half  of
which, less the appropriate tax, are charged to capital.

3.   The return per ordinary share is based upon the following figures:

                                     30           30           31
                                   Sept         Sept        March
                                   2003         2002         2003
Revenue return                  £30,661      £36,668      £50,134
Capital return                 £343,739    £(545,230)   £(572,728)

Weighted average number of    1,362,109    1,382,459    1,372,946
ordinary shares in issue
during the period - basic

Weighted average number of    1,362,109    1,382,791    1,372,946
ordinary shares in issue
during the period - diluted


4.During the first half of the year the Company purchased 5,000  of  its
own  shares,  which were then cancelled. An amount equal to the  nominal
value of the cancelled shares has been transferred to Capital Redemption
Reserve.
At  1  April  2003, the Company had 266,400 warrants in  issue.  Each
warrant confers the right, exercisable normally on 31 July in any of the
years  from  2000 to 2010 inclusive, to subscribe for one  new  ordinary
share at a price of £1.00 per share. On 31 July 2003, 120 warrants  were
exercised  and 120 ordinary shares were issued. 266,280 warrants  remain
in  issue. The net asset value per ordinary share is calculated  on  the
1,358,500 ordinary shares in issue at the end of the period.  Net  asset
dilution arises from the potential exercise of outstanding warrants  and
is  assumed  only  to take place if the net assets exceed  the  exercise
price of £1.00.

5.    The  sterling loan is subject to a covenant which sets  a  maximum
gearing threshold.  Details of the loan outstanding at 30 September 2003
were as follows:

                    Amount               Interest        Repayment Date
                    (£)                  Rate
                                         (%)
Sterling loan       750,000              5.99            23 January 2012


There are no undrawn facilities and no early repayment penalties.

6.    The figures and financial information for the year ended 31  March
2003 are extracted from the latest published accounts of the Company and
do not constitute statutory accounts for the period. Those accounts have
been  delivered to the Registrar of Companies and include the report  of
the  auditors  which  was unqualified and did not  contain  a  statement
either under section 237(2) or 237(3) of the Companies Act 1985.


Portfolio Inormation                                                          At 30 September 2003

        Equities                                                       Valuation        %age of Total
                                                                                          Portfolio
 16,000 Alliance & Leicester 50p Shares                                  134,480                 5.6%
 18,679 HBOS Plc Ordinary 25p Shares                                     128,512                 5.4%
 3,200  Societe Generale Eur 1.25                                        128,400                 5.4%
 28,000 Amvescap Ord. GBP0.25                                            127,540                 5.3%
 26,000 Lloyds TSB Group plc ord. GBP0.25                                107,575                 4.5%
 9,764  ABN-Amro Holdings NV Eur0.56                                     108,087                 4.5%
 15,000 Schroders Vtg Shs GBP1.00                                        100,650                 4.2%
 20,000 Abbey National Ordinary 10p Shares                                98,800                 4.1%
 3,166  BNP Paribas                                                       93,500                 3.9%
 10,600 Irish Life & Permanent Ordinary IR£0.25 Shares                    83,952                 3.5%
 9,000  Dexia NPV (French line)                                           79,043                 3.3%
 16,732 Barclays PLC Ordinary £0.25                                       77,260                 3.2%
 77,490 Legal & General GroupOrd Shares GBP0.025                          71,485                 3.0%
 13,500 Aviva Plc Ord GBP0.25                                             63,045                 2.6%
 20,000 Bradford & Bingley Ordinary Shares GBP0.25                        60,200                 2.5%
 40,000 Friends Provident Ordinary Shares                                 51,400                 2.1%
 7,500  Northern Rock Ordinary 25p Shares                                 50,138                 2.1%
 4,600  Bayerische Hypo-Und Vereinsbank                                   47,112                 2.0%
 5,000  Commerzbank AG                                                    43,913                 1.8%
 15,000 Edinburgh Fund Managers Group Ord .05                             21,225                 0.9%
 37,500 Blue Planet European Financials Investment Trust plc GBP0.50      18,188                 0.8%
 7,000  Britannic Group Plc - ord share                                   18,795                 0.8%
                                                                      _______________________________
        Total Equities                                                 1,713,297                71.5%
                                                                      _______________________________

        Debt Securities
 80,000 First Active 11.75% Subordinated Bonds                          £128,400                 5.4%
 80,000 BUPA Finance 10 1/2% Subordinated Guaranteed Bonds 2018          £99,126                 4.1%
 40,500 Coventry Building Society 12 1/8% PIBS                           £71,240                 3.0%
 70,000 Friends Provident 9 1/8% Subordinated Bond                       £72,120                 3.0%
 38,000 Skipton Building Society 12 7/8% PIBS                            £72,153                 3.0%
 70,000 NPI 9 5/8% Subordinated Bonds                                    £72,373                 3.0%
 70,000 Scottish Life 9% Subordinated Bond                               £66,198                 2.8%
 20,000 Leeds & Holbeck Building Society 13 3/8% PIBS                    £39,415                 1.6%
 26,500 Abbey National 10.375% Preference Shares                         £36,570                 1.5%
  7,000 Newcastle Building Society 12 5/8% PIBS                          £13,056                 0.6%
 10,000 Cheshire Building Society Floating Rate PIBS                     £11,750                 0.5%
     40 Halifax Non Cumulative Preference Shares 3.0625%                     £37                 0.0%
                                                                      _______________________________
        Total Debt Securities                                            682,438                28.5%
                                                                      _______________________________
        Total                                                          2,395,735               100.0%
                                                                      _______________________________
(PIBS - Permanent Interest Bearing Shares)
The yield represents the year to date income as a percentage of the cost of the investments.