Annual Financial Report

Annual Financial Report for the year ended 31 March 2010

The following is an extract from the Company's Annual Report and Accounts for
the year ended 31 March 2010. The full Annual Report will shortly be available
to be viewed on or downloaded from the Company's website at
www.jupiteronline.co.uk.


                              CHAIRMAN'S STATEMENT

It  is with pleasure that I  present your Company's audited financial statements
for the year ended 31 March 2010. The last two years have been extraordinary for
investors  in  equities.  At  the  time  of preparing your Company's last annual
report  to 31 March  2009, deep economic  contraction in  the West  had left the
market in a state of great trepidation. In the year since, we have witnessed the
return   to   economic  stability,  helped  to  a  great  extent  by  aggressive
international fiscal and monetary stimulus measures. The global stock market has
reacted  to  this  positively,  although  not  without  due  circumspection. The
recovery  in  the  West  is  expected  to  be slow and challenging, with several
governments  now required  to tackle  very high  sovereign debt levels. However,
operating  conditions  for  businesses  have  improved  markedly.  This has been
reflected in the overall performance of your Company.

During  the period  under review  your Company's  total assets under management,
adjusted  for share cancellations and warrant conversions, increased by 38.8 per
cent.  to £43,590,000. This compares with an increase in the Company's composite
benchmark  index of 63.1 per cent. over the same period. The Company's composite
benchmark  index is weighted  to reflect the  proportions of the Company's total
assets  which are managed by Jupiter  Asset Management Limited (measured against
the FTSE Global Smaller Companies Ex US Index, which returned 66.2 per cent. for
the period) and by Winslow Management Company, LLC ("Winslow") (measured against
the  Russell 2500 Growth Index in the USA, which returned 56.0 per cent. for the
period).

The  diluted Net Asset Value of the  Company's Ordinary shares, which is the Net
Asset  Value  that  would  apply  to  the  Ordinary shares in the event that all
Warrants in issue were to be exercised, rose by 37.3 per cent. to 105.53p during
the period under review, whilst their middle market price rose by 42.4 per cent.
to  91.5p. The undiluted  Net Asset  Value per  Ordinary share  rose by 38.8 per
cent.  to 106.65p. The middle market price of the Warrants increased by 83.3 per
cent. to 5.5p.

Strategic Review

During  the course of the  past year your Board  and the Investment Manager have
together   undertaken   a  detailed  review  of  the  Company's  structure,  its
competitive position and prospects for enlargement, its past performance and its
advisory relationships.

The  Board recognises that  the Company needs  to be clearly differentiated from
its  peers, both  in the  open ended  and in  the closed ended marketplace. As a
closed  ended  investment  trust,  the  Company  has a number of clear potential
advantages over open ended funds, not least the ability to take high conviction,
long  term positions in the securities  held within its investment portfolio and
the  ability  to  make  use  of  financial  tools  such as gearing and financial
derivative  instruments, which are  limited in their  availability to open ended
funds. Another advantage is the lower total expense ratio that tends to apply to
closed ended funds relative to the total expense ratios of open ended funds.

In  comparison with its closed  ended peer group, the  Company addresses a wider
range  of green investment themes than any  other UK investment trust and it has
the  benefit  of  Jupiter's  twenty-one  year  track  record  in researching and
managing green and SRI investment funds.

This strategic review has been constructive and the Board has implemented, or is
in  the process of implementing, a number of changes which we believe are now in
the interests of Shareholders. These may be summarised as follows:

Consolidation of Management Arrangements

In  order  to  encourage  a  more  flexible geographical asset allocation by the
portfolio  manager,  the  Board  has  agreed  with  Winslow  that  Jupiter Asset
Management  will take  over the  management of  the Company's  entire investment
portfolio  with effect from 1 July 2010. Charlie  Thomas will continue to be the
individual  at Jupiter Asset  Management with day  to day responsibility for the
Company's entire investment portfolio.

This  decision is  by no  means a  negative reflection  on Winslow's significant
contribution  to the  Company to  date. The  stock picking  and access  to green
companies  in North  America and  also the  broader insights into North American
politics,  economics and green issues  imparted by the team  at Winslow over the
past  four years have been immensely valuable to the Company and the Board would
like  to record  its appreciation  of their  work on  the Company's behalf.  The
Board  hopes that  your Company  will continue  to benefit  indirectly through a
continuing relationship between Jupiter and Winslow.

The  Board believes  that the  centralisation of  the portfolio  management will
enable  the Company to hold a more concentrated portfolio of securities and that
it  will give the  portfolio manager greater  flexibility in asset allocation as
between  North America and the  rest of the world.  This may, in turn, result in
increased allocations to nascent markets for green investment (such as China and
India).  Centralisation  of  management  and  control should also facilitate the
increased  emphasis on portfolio risk management which is necessarily associated
with the increased use of derivatives described below.

Investment Strategy

The  Investment Manager is not limited in  the asset allocation of the Company's
investment  portfolio  between  sectors,  geographic  regions  or  the  types of
equities  and equity  related securities  in which  the Company may invest.  The
Investment  Manager considers each potential investment on its own merits within
the  context of  the Company's  stated Green  investment themes of Clean Energy,
Water  Management, Waste Management,  Sustainable Living, Environmental Services
and Green Transport.

The  Board has encouraged the portfolio manager  to focus on the sectors that he
considers  to be the most undervalued areas of  the market from time to time and
the  allocation of  assets between  different sectors  will be determined by the
portfolio manager in his absolute discretion. In addition to equities, the types
of  investment and assets in  which the property of  the Company may be invested
include financial derivative instruments.

These  instruments  may  be  used  for  the purposes of both efficient portfolio
management  and,  where  it  is  considered  to  be appropriate by the portfolio
manager,  for  investment  purposes  to  achieve  positive returns across market
cycles  with low levels of volatility. This strategy will seek to take advantage
of  specific macro economic circumstances and market pricing anomalies. At times
the  portfolio may be  concentrated in any  one or a  combination of such assets
and,  as well  as holding  physical long  positions, the  Investment Manager may
create  synthetic long  and short  positions through  the use  of equity related
securities.

An  ordinary resolution will be  included in the business  of the Annual General
Meeting to ratify these changes to your Company's stated investment policies.

Change in Benchmark

In  light of  the centralisation  of the  management of the Company's investment
portfolio,  the Board considers it to be  appropriate to adopt a single, readily
accessible  benchmark  index  by  which  to  measure  the  Investment  Manager's
continuing   performance.   Accordingly,  with  effect  from  1 April  2010, the
Company's  benchmark index shall be the total return on the MSCI World Small Cap
Index, expressed in Sterling.

This  change in benchmark will not result in any increase in the fees payable to
the  Investment Manager as  a function of  the Company's performance relative to
the  Benchmark, nor will it affect the high water mark Net Asset Value that must
be attained before a performance fee may be paid in any future financial year.

Dividend Policy

The Board has not set an objective of a specific portfolio yield for the Company
and  the  level  of  such  yield  is  expected  to  vary  with  the  sectors and
geographical  regions to which  the Company's portfolio  is exposed at any given
time.  To date, the portfolio yield  from the Company's investment portfolio has
been  relatively modest, largely as a consequence  of the small and mid cap bias
in the investment portfolio.

The   Board,  nevertheless,  recognises  the  considerable  attraction  to  many
Shareholders  in the prospect of a dividend yield, albeit at a relatively modest
level.  Accordingly, the  Board believes  that it  would be  in the interests of
Shareholders  to facilitate the  prospect of future  dividend payments through a
change in the Company's stated accounting policies.

Until 31 March 2010 the management expenses of the Company were accounted for as
an  income expense.   In the  current and  future financial  years the Board has
agreed  with the  Company's auditors  that all  such management  expenses may be
accounted  for  as  a  capital  expense.  This measure, together with any income
arising  from the Company's increased use  of derivatives, is intended to result
in  the generation  of distributable  revenues in  this and/or  future financial
years. If so, substantially 90 per cent. of such distributable revenues that are
generated from the Company's investment portfolio are expected to be paid out in
the form of annual dividends.

Share Buy Backs

The Board recognises that a pre-requisite for the Company to be enlarged through
the  new issue of shares is for its  existing Ordinary shares to be traded at or
close  to their Net Asset  Value on the London  Stock Exchange. Accordingly, the
Board considers that it is not in Shareholders' interest for the Ordinary shares
to  trade  at  a  significant  discount  to their prevailing estimated Net Asset
Value.

The  Board  further  believes  that  the  most effective means of minimising any
discount  at  which  its  Ordinary  shares  may  trade  is  to  deliver  strong,
consistent,  long-term performance  from the  Company's investment  portfolio in
both  absolute and  relative terms.  However, wider  market conditions and other
considerations  will affect the rating of the  Ordinary shares in the short term
and  the  Board  is,  therefore,  committed  to  seeking  to limit the level and
volatility  of the discount to Net Asset  Value at which the Ordinary shares may
trade  by  seeking  to  repurchase  Ordinary  shares when the Investment Manager
considers it to be in the interests of Shareholders to do so.

The  Board does  not consider  share repurchases  to be  a long-term  panacea to
discount  levels  unless  they  are  supported  by  strong relative and absolute
performance.  An inflexible buy back  policy can result in  a rapid reduction in
the  size of an  investment trust. Other  considerations, such as  the impact of
share  repurchases  on  total  expense  ratios  and  on  liquidity for remaining
Shareholders would influence the Company's policy from time to time. Ultimately,
the  Board would prefer the Company's Ordinary  shares to be acquired by willing
third  party  investors  ahead  of  any  demand  from  the Company to buy in for
cancellation or treasury.

During   the   year   ended  31 March  2010 a  total  of  3,118,475 shares  were
repurchased, 456,590 for cancellation and 2,661,885 to be held in Treasury.  The
average discount for these repurchases was 15.6 per cent.  Once again, the Board
is  seeking Shareholders' permission  at the Annual  General Meeting to buy back
shares,  either  to  place  in  Treasury  for  later  reissue  or  for  outright
cancellation.  Further  information  is  set  out  under  the  heading 'Discount
Control' in the Annual Report.

Annual General Meeting

This  year's Annual  General Meeting  will be  held at 1 Grosvenor Place, London
SW1X  7JJ at 11.00am on 28 July 2010. Details of  the resolutions to be proposed
at the meeting are set out in the Report of the Directors in the Annual Report.

Market Outlook

The  Company's six green  investment themes are  Clean Energy, Water Management,
Waste   Management,   Sustainable   Living,  Environmental  Services  and  Green
Transport.

All of the Company's investment themes are currently seeing unparalleled support
by  governments  around  the  world,  both  in  terms  of  regulation and budget
allocation.  Nowhere is this clearer than  in Asia, where governments across the
region   have  become  increasingly  focussed  on  the  issues  surrounding  the
sustainable development of their rapidly developing economies.

Despite some apparent disappointment amongst Western commentators at the outcome
of  the Copenhagen Climate Conference  in December 2009, the 'Copenhagen Accord'
crystallised  the policy momentum seen at a national level in the months leading
up to the conference. We believe the most important initiatives have been taking
place at this scale.

Indeed,   by   the   time   the  'soft'  deadline  for  participants  to  submit
self-determined   emissions   targets  passed  on  31 January  2010, 55 nations,
accounting for 78 per cent of global emissions from energy use, had made pledges
to  cut and limit  greenhouse gas emissions  significantly by 2020, according to
the  UN.  The  Accord,  therefore,  represents  a milestone in itself, crucially
forming the basis for a more comprehensive international climate deal that will,
for  the first time, include emission commitments from both the US and China, as
well as from key developing nations such as Brazil, India and South Africa. This
improves the chances of achieving domestic climate legislation in the US, which,
in  turn, should pave the  way for legally defined  progress at an international
level.

We  have also seen  US$510 billion pledged  to the green  investment area in the
recent  stimulus packages; this commitment by the leading economies in the world
will have a direct impact on the Company's investment universe. Of the estimated
US$230  billion due to  be allocated in  2010, 38 per cent. is  in China, 11 per
cent. in South Korea and 11 per cent. elsewhere in Asia.

Aligning  sustainability  and  financial  objectives  is  an  area of increasing
importance  to investors. Jupiter has a demonstrable competitive advantage and a
strong  track record  in this  area. Its  research provides  insight into  how a
company approaches its environmental and governance responsibilities and whether
it  is  thinking  strategically  about  long-term  risks and opportunities. This
underpins our joint belief that companies managing both sustainability risks and
opportunities will also make the best investments over the long-term.

I recommend the Manager's Review overleaf in which Charlie Thomas highlights the
positive  impact of economic recovery on the profitability of businesses held in
the  Company and the  emergence of new  opportunities for investment  in the Far
East.   Your Board believes that the  changes outlined above will create greater
personal accountability for the portfolio manager in relation to the performance
of  the Company's investment  portfolio and also  produce increased transparency
for investors in the Company.

For  investors in the Company, policy efforts  at a national level are expanding
the  opportunities  available  for  investment.  Moreover,  for  environmentally
conscious  investors, the Company's investment themes  are believed to provide a
unique  focus for investment  in businesses actively  seeking solutions to green
issues  - an endeavour of great importance  given the scale of the environmental
and social challenges facing the world today.

Perry K O Crosthwaite
Chairman
30 June 2010
MANAGER'S REVIEW

Performance Review
For the 12 months ended 31st of March 2010 the total return for the Trust is
38.8% compared to a return of 63.1% for the Trust's composite index. Since
launch, the total return for the Trust is 11.1% compared to a return of 29.5%
for the composite index.*

Market and Policy Review
The  year under review saw  a significant turnaround in  market sentiment as the
Western  economy  responded  to  aggressive  fiscal  and monetary stimuli. Major
economies  exited recession,  although growth,  particularly in Europe, remained
somewhat  anaemic. Emerging  market economies,  most notably  China, also jumped
back  to  pre-crisis  trend  levels,  providing  a  further  boost to investors'
confidence.  Since the start  of 2010, the market  has been tempered by concerns
about  ballooning sovereign debt  levels. Deep fiscal  problems in Greece proved
hard  to resolve  and the  country was  widely seen  as symptomatic of a broader
problem  facing southern  Europe. The  timing of  the withdrawal of stimuli more
widely  in the West was also being watched closely by investors, particularly as
governments  were  generally  still  spending  more  than  the  private  sector.
Financial  and mining  stocks, which  fall outside  our green investment policy,
made the most significant gains.

One  of the  most notable  events over  the past  year for  the green investment
market  was  the  Copenhagen  Climate  Conference  meeting in December 2009. The
meeting ended without a legally binding agreement, which has led to a short-term
downturn  in sentiment and a  decline in core wind  holdings. On a positive note
the Copenhagen conference did crystallise policy momentum at the regional level,
where we believe the most important initiatives have been taking place and where
we expect to see continued momentum.

Against  this  backdrop,  the  Fund  produced  a very solid absolute return, but
underperformed  its benchmark index.  The extraordinary recovery  in stocks from
the  financial  and  mining  sectors  was  a  large  contributor  to  the Fund's
underperformance.

The  year under review saw a marked improvement in corporate earnings, with many
companies  being effective in cutting costs to maintain reasonable profitability
in  anticipation of an  increase in demand.  Core holding Cranswick (sustainable
living)  surged on the back  of a strong growth  trajectory that has allowed the
high  welfare pork business to expand  capacity and acquire CC Norfolk. National
Express  (green transport)  repaired its  balance sheet  with a rights issue and
announced  positive full year results. Clean energy businesses Abengoa (biomass)
and SKF (energy efficiency) also impressed the market with solid earnings.

Less  successful  were  our  holdings  from  the  wind sector. After making good
progress  in the first half of the  period under review, holdings such as Vestas
Wind  Systems and Gamesa  came under pressure  on concern about weakening demand
and  project delays due to  liquidity issues within banks.  We believe these are
short  term concerns and the sector is generally lowly priced given its positive
longer term outlook.

There were a number of highlights within the US portion of the portfolio managed
by  Winslow. Most notably, organic and  Fairtrade coffee business Green Mountain
Coffee  Roasters** (sustainable living) made good  progress. The stock was added
to  the portfolio during the  period and was buoyed  by some impressive earnings
results.  Less successful was First Solar (clean  energy), a quality name in the
solar  sector which saw profit taking  on expectations of a short-term softening
in demand in the sector.
Our  focus remains  on companies  within our  six green  themes that have strong
balance sheets and we believe are attractively valued on a longer term view. Our
research  effort  is  increasingly  turning  towards  Asia  where  the growth in
legislation  and relatively healthy government  balance sheets are creating more
investment opportunities.

Examples  of new positions in the  portfolio include China Longyuan Power (clean
energy),  which provides  excellent exposure  to China's  rapidly expanding wind
power  sector,  and  Emcor  Group**  (environmental  services), an international
mechanical and electrical construction business.

Investment Outlook
Growing   environmental   legislation,   scarcity   of  resources  and  shifting
demographics  continue to strengthen our  green investment thesis. The political
will  to decarbonise economies remains  particularly strong. However, the method
of   achieving  this  is  increasingly  being  dictated  by  the  balance  sheet
strength/weakness  of individual governments. It  is unsurprising, therefore, to
see  the US placing emphasis on energy efficiency projects and those that create
jobs,  while China and other cash rich  emerging markets are looking to increase
renewable  energy capacity.  China's growing  dominance in  the renewable energy
sector  is particularly evident. The country alone was responsible for over 30%
of  all new wind power installations  in 2009. Looking more broadly, attempts to
tackle  sovereign debt in the West pose a threat to the economic recovery, while
China's  efforts  to  moderate  growth  need  to  be  watched  closely.  In this
environment,  we would  not be  surprised to  see a  period of heightened market
volatility.

Charles Thomas
Jupiter Asset Management Limited
Investment Adviser


*Source:  Jupiter Asset  Management Limited.  FTSE World  Global Small Cap ex US
Index  and Russell  2500 Growth Index,  rebalanced to  reflect the proportion of
total assets managed by Jupiter and Winslow respectively.

**  Positions  held  in  the  Winslow  Management portfolio. All other positions
mentioned  are  held  directly  within  the  portfolio  managed by Jupiter Asset
Management Limited.

                              Investment Objective

The  Company's  investment  objective  is  to  generate long-term capital growth
through a diverse portfolio of companies providing environmental solutions.

                               Investment Policy

The  Company invests  globally in  companies which  have a  significant focus on
environmental   solutions   such   as  Clean  Energy,  Water  Management,  Waste
Management,  Sustainable Living, Environmental Services and Green Transport. The
Company is focused on the following six green investment themes:

<li> Clean Energy
Stand alone power and back-up systems based on wind, solar, flywheels, batteries
and fuel cells; bio-fuels; insulation materials; energy efficiency technologies.

<li> Water Management
Water  and wastewater services including  sewerage and treatment infrastructure;
new technology-based solutions such as membranes and UV disinfection.

<li> Waste Management
Waste  reduction and associated technologies; recycling and resource management;
recycled materials.

<li> Sustainable Living
Healthy  lifestyle sector  including organic  foods, complementary medicines and
healthcare.

<li> Environmental Services
Companies   directly   benefiting   from  increased  environmental  legislation,
including environmental consultancies and providers of safety equipment.

<li> Green Transport
Integrated  public transport  systems; vehicle  emissions and  energy efficiency
control technologies.

The  Company's  portfolio  has  a  bias  towards small and medium capitalisation
companies. It invests primarily in securities which are quoted, listed or traded
on  a recognised  exchange. However,  up to  5 per cent.  of the Company's Total
Assets  (at the time of such investment) may be invested in unlisted securities.
No such investments have been made to date.



RISKS AND UNCERTAINTIES

The  principal risks relating to  the Company can be  divided into the following
areas:

 a. Investment policy and process
 b. Market movement
 c. Accounting, legal and regulatory
 d. Operational
 e. Financial


The financial risks faced by the Company include:
 a. Market  price risk i.e. movements in  value of investment holdings caused by
    factors other than interest rate or currency movement and
 b. Foreign currency risk


The   investment  Manager's  policies  for  managing  the  financial  risks  are
summarized below and have been applied throughout the year.

Policy
 a. Market Price Risk

         By  the very  nature of  its activities,  the Company's investments are
exposed  to market  price fluctuations.   Further information  on the investment
portfolio and investment policy is set out in the Manger's Review.
 b. Foreign Currency Risk

         A  proportion  of  the  Company's  portfolio  is  invested  in overseas
securities  and their Sterling value can  be significantly affected by movements
in  foreign exchange rates. The Company  does not normally hedge against foreign
currency movements.




                       STATEMENT OF COMPREHENSIVE INCOME
                        for the year ended 31 March 2010

                                   Year ended 31 March  Year ended 31 March 2009
                                                  2010

                               Revenue Capital   Total Revenue  Capital    Total

                                 £'000   £'000   £'000   £'000    £'000    £'000

Gain/(Loss) on investments att       -  13,493  13,493       - (23,816) (23,816)
fair fair value

Foreign exchange (loss)/gain      (13) (1,061) (1,074)      41    6,633    6,674

Income  (Note 1)                   685       -     685     825        -      825

                                ______   _____   _____  ______    _____    _____

Total Income                       672  12,432  13,104     866 (17,183) (16,317)

                                ______   _____   _____  ______    _____    _____



Investment management            (348)       -   (348)   (333)        -    (333)
 fee

Investment performance               -       -       -       -       29       29
fee

Other expenses                   (330)       -   (330)   (337)        -    (337)

                                ______   _____   _____  ______    _____    _____

Total expenses                   (678)       -   (678)   (670)       29    (641)

                                ______   _____   _____  ______    _____    _____



Return on ordinary activities
before finance costs and
taxation                           (6)  12,432  12,426     196 (17,154) (16,958)

Finance costs                        -       -     -       (3)        -      (3)

Return on ordinary activities
before taxation                    (6)  12,432  12,426     193 (17,154) (16,961)

Taxation                          (36)       -    (36)    (50)        -     (50)

                                ______   _____   _____  ______    _____    _____

Net return after taxation         (42)  12,432  12,390     143 (17,154) (17,011)

                                ______   _____   _____  ______    _____    _____

Basic return per Ordinary       (0.10)   28.93   28.83    0.32  (37.93)  (37.61)
share  (p)

Diluted return per Ordinary     (0.10)   28.93   28.83    0.32  (37.93)  (37.61)
share  (p)

The  total column  of this  statement is  the income  statement of  the Company,
prepared  in accordance with IFRS. The  supplementary revenue return and capital
return  columns are both prepared under  guidance produced by the Association of
Investment  Companies. All items  in the above  statement derive from continuing
operations.

No operations were acquired or discontinued during the year.
All  income is  attributable to  the equity  holders of Jupiter Green Investment
Trust Plc. There are no minority interests.

                        STATEMENT OF FINANCIAL POSITION

                                at 31 March 2010

                                                            2010       2009

                                                           £'000      £'000

 Non current assets

 Investments held at fair value through profit or loss    42,870     28,689

                                                         _______    _______

 Current assets

 Prepayments and accrued income                              102         66

 Cash and cash equivalents                                   939      5,162

                                                         _______    _______

                                                           1,041      5,228

                                                         _______    _______

 Total assets                                             43,911     33,917

                                                         _______    _______

 Current liabilities

 Other payables                                            (321)      (108)



                                                         _______    _______

 Total assets less current liabilities                    43,590     33,809

                                                         =======    =======



 Capital and reserves

 Called up share capital                                      44         44

 Share premium                                            26,229     26,228

 Redemption reserve                                          226        226

 Special reserve                                          24,292     24,292

 Retained earnings                                       (7,201)   (16,981)

                                                         _______    _______

 Total equity shareholders' funds                         43,590     33,809

                                                         =======    =======



 Net Asset Value per Ordinary share                       106.65     76.86p

 Diluted Net Asset Value per Ordinary share               105.53     76.86p


                         STATEMENT OF CHANGES IN EQUITY
                        for the year ended 31 March 2010



                              Share   Share Special Redemption  Retained

                            Capital Premium Reserve    Reserve  Earnings   Total

                              £'000   £'000   £'000      £'000     £'000   £'000

For the year ended 31 March
2010

Balance at 31 March 2009         44  26,228  24,292        226  (16,981)  33,809

Net profit for the year           -       -       -          -    12,390  12,390

Ordinary shares issued            -       1       -          -         -       1

Ordinary shares repurchased       -       -       -          -   (2,601) (2,610)

                             ______   _____   _____      _____   _______ _______

Balance at 31 March 2010         44  26,229  24,292        226   (7,201)  43,590

                             ______   _____   _____      _____   _______ _______







                              Share   Share Special Redemption Retained

                            Capital Premium Reserve    Reserve Earnings    Total

                              £'000   £'000   £'000      £'000    £'000    £'000

For the year ended 31 March
2009

Balance at 31 March 2008         46  26,075  24,292        224    2,097   52,734

Net loss for the year             -       -       -          - (17,011) (17,011)

Ordinary shares issued            -     153       -          -        -      153

Ordinary shares repurchased     (2)       -       -          2  (2,067)  (2,067)

                             ______   _____   _____   _______-  _______  _______

Balance at 31 March 2009         44  26,228  24,292        226 (16,981)   33,809

                             ______   _____   _____    _______  _______  _______






                              CASH FLOW STATEMENT
                        for the year ended 31 March 2010

                                                       Year ended    Year ended

                                                    31 March 2010 31 March 2009

                                                            £'000         £'000

Cash flows from operating activities

Investment income received                                    645           772

Interest received                                               9           114

Other cash receipts                                             1             -

Investment management fee paid                              (341)         (393)

VAT recovery on investment management fee                       -            47

VAT recovery on performance fee                                 -            29

Realised (loss)/gain on foreign currency                     (32)           124

Other cash expenses                                         (335)         (308)

                                                          _______       _______

Cash generated from operations (Note 2)                      (53)           385



Interest paid                                                   -           (3)

Taxation                                                     (36)          (50)

                                                          _______       _______

Net cash (outflow)/inflow from operating activities          (89)           332

                                                          _______       _______

Cash flows from investing activities

Purchases of investments                                 (27,311)      (25,856)

Sales of investments                                       25,786        32,238

                                                          _______       _______

Net cash (outflow)/inflow from investing activities       (1,525)         6,382

                                                          _______       _______

Cash flows from financing activities

Shares issued                                                   1           153

Shares repurchased                                        (2,610)       (2,067)

                                                          _______       _______

Net cash outflow from financing activities                (2,609)       (1,914)

                                                          _______       _______

(Decrease)/increase in cash                               (4,223)         4,800



Change in cash and cash equivalents

Cash and cash equivalents at start of year                  5,162           362

                                                          _______       _______

Cash and cash equivalents at end of year                      939         5,162

                                                          _______       _______



NOTES:

1. Income

                                          Year ended      Year ended

                                       31 March 2010   31 March 2009

                                               £'000           £'000

 Income from investments:

 Dividends from UK companies                     363             428

 UK Bond Interest                                 36              59

 Dividends from overseas companies               276             225

                                                 675             712

 Other income:

 Deposit interest                                  9             109

 Underwriting commission                           1               -

 Interest on VAT recovery                          -               4

 Total Income                                    685             825



 Income from investments is derived:

 Listed on the UK Stock Exchange                 399             487

 Listed overseas                                 276             225

                                                 675             712



2 Reconciliation of net cash outflow from operating activities

                                                             2010       2009

                                                            £'000      £'000

 Net return before finance costs and taxation              12,426   (16,958)

 (Gain) / loss on investments                            (13,493)     23,816

 (Increase)/decrease in prepayments and accrued income       (36)         56

 Increase in accruals and other creditors                       7         19

 Foreign exchange loss / (gain)                             1,043    (6,549)

                                                              ___       ____

 Net cash (outflow) / inflow from operating activities       (53)        384



 3. Related parties


    Mr  Hillgarth is a  director of Jupiter  Investment Management Group Limited
whose  subsidiaries Jupiter Asset Management  Limited and Jupiter Administration
Services  Limited receive investment management and administration fees pursuant
to the agreements described below.

Jupiter  Asset Management Limited is contracted to provide investment management
services  to the Company (subject to termination by not less than twelve months'
notice  by either party) for  a fee payable monthly,  of one twelfth of 0.85 per
cent.  of the  net assets  of the  Company after  deduction of  the value of any
Jupiter  managed investments.  The fee payable for the year ended 31 March 2010
was  £348,172 (year ended 31 March  2009: £379,632) with £31,176 (2009: £23,917)
outstanding at the year end.

Jupiter  Asset Management Limited is also  entitled to an investment performance
fee  which is based  on the outperformance  of the Net  Asset Value per Ordinary
Share  over the total return  on the Benchmark Index  in an accounting year. Any
performance  fee payable will equal the time weighted average number of Ordinary
shares  in issue during the  period multiplied by 15 per  cent. of the amount by
which the increase in the Net Asset Value per Ordinary Share (plus any dividends
per  Ordinary Share paid or payable and  any accrual for unpaid performance fees
for the period) exceeds the total return on the Benchmark Index. The performance
fee  will only be payable if the Net Asset Value per Ordinary Share (adjusted as
described  above) exceeds the  highest of (i)  the Net Asset  Value per Ordinary
Share  on the last business day of the previous performance period; (ii) the Net
Asset  Value  per  Ordinary  share  on  the  last day of a performance period in
respect  of which  a performance  fee was  last paid:  and (iii) 100p. The total
amount  of management  fees and  any performance  fee payable  in respect of one
accounting  period is limited  to 1.75 per cent.  of the Net  Asset Value of the
Company on the last business day of the relevant performance period.

On  inception, the Benchmark  Index comprised 30 per  cent. of the Russell 2500
Growth  Index (the Winslow benchmark index) and  70 per cent. of the FTSE Global
Small  Cap ex US Index. The proportion  of the Winslow benchmark index comprised
in  the Benchmark Index is  adjusted on the first  business day of each month to
reflect  the proportion of the Company's assets  on the last business day of the
previous  month which were allocated by the Investment Manager to the Investment
Advisor.  No performance fee was payable  for the year ended 31 March 2010 (year
ended 31 March 2009: nil.).

    Jupiter   Administration   Services   Limited   is   contracted  to  provide
secretarial, accounting and administrative services to the Company for an annual
fee  of £80,867  (2009: £78,990)  adjusted each  year in  line with the Consumer
Prices Index which is payable half yearly in advance.

    The  Company has  invested from  time to  time in  funds managed  by Jupiter
Investment  Management Group Limited or its subsidiaries.  The only such holding
as  at 31 March 2010 was Alon Technology  Ventures representing 0.1 per cent. of
total investments.

All transactions with related parties are undertaken on an arms length basis.

4. Going Concern

The  financial  statements  have  been  prepared  on a going concern basis.  The
Directors  consider that this is the appropriate basis as they have a reasonable
expectation  that the Company has adequate  resources to continue in operational
existence  for the foreseeable future.  In  considering this, the Directors took
into  account the Company's  investment objective, risk  management policies and
capital  management policies,  the diversified  portfolio of  readily realizable
securities  which can  be used  to meet  short-term funding  commitments and the
ability  of the  Company to  meet all  of its  liabilities and ongoing expenses.
 Thus  the Directors continue to adopt the  going concern basis of accounting in
preparing the financial statements.

5. Directors' Responsibilities For The Accounts

The  Companies  Act  2006 requires  the  Directors  to prepare accounts for each
financial  period which give a true and fair view of the state of affairs of the
Company at the end of the financial period and of the revenue for that period.
In preparing these accounts, the Directors are required to:

 i. select suitable accounting policies and then apply them consistently;


 ii. present  information,  including  accounting  policies,  in  a  manner that
     provides relevant, reliable, comparable and understandable information;


 iii. provide   additional   disclosures   when  compliance  with  the  specific
      requirements  in IFRSs is  insufficient to enable  users to understand the
      impact  of  particular  transactions,  other  event  and conditions on the
      entity's position and financial performance; and


 iv. state  whether applicable accounting standards  have been followed, subject
     to any material departure disclosed and explained in the accounts.


The  Directors  are  responsible  for  keeping  proper  accounting records which
disclose  with reasonable  accuracy at  any time  the financial  position of the
Company  and enable them to  ensure that the accounts  comply with the Companies
Act  2006.  They are also responsible for safeguarding the assets of the Company
and  hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.

So far as each Director is aware at the time the report is approved, there is no
relevant  audit  information  of  which  the  auditors are unaware and that each
Director has taken all reasonable steps to make themselves aware of any relevant
information and to establish that the auditors are aware of that information.

The  Directors, who are listed on page 5 of the Report and Accounts for the year
to 31 March 2010, confirm to the best of their knowledge that:

 i. the  financial statements, prepared in accordance with the applicable set of
    accounting  standards, give a true and fair view of the assets, liabilities,
    financial position and profit or loss of the Company; and


 ii. the  Management  Report  includes  a  fair  view  of  the  development  and
     performance  of the business and the position of the Company, together with
     a  description of  the principal  risks and  uncertainties that the Company
     faces.




On behalf of the Board
Perry Crosthwaite
Chairman
30 June 2010



The annual report will be sent to all registered shareholders and copies may be
obtained from the registered office of the Company at 1 Grosvenor Place, London,
SW1X 7JJ.

The Annual General Meeting of the Company is scheduled to take place at 11.00
a.m. on 28 July 2010 at the Company's registered office.




By order of the Board
Jupiter Asset Management Limited
Secretaries

Enquiries:
Richard Pavry
Jupiter Asset Management Limited
020 7412 0703



[HUG#1428757]








		This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 
		The owner of this announcement warrants that: 
			(i) the releases contained herein are protected by copyright and other applicable laws; and 
			(ii) they are solely responsible for the content, accuracy and originality of the information contained therein. 
		All reproduction for further distribution is prohibited.
		
		Source: Jupiter Green Investment Trust PLC via Thomson Reuters ONE