Annual Financial Report

Jupiter Green Investment trust Plc
      Annual Financial Report for the year ended 31 March 2009

The following is an extract from the Company's Annual Report and
Accounts for the year ended 31 March 2009. 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 has  been a  turbulent  and disappointing  year for  investors  in
equities markets. The global banking and economic crisis has been  of
a magnitude  far greater  than  most expected.  Even now,  with  many
advanced economies resorting to  unorthodox stimulatory measures,  it
appears that we are a long way  from recovery. I would have liked  to
have reported that the Trust had some immunity to current conditions.
However, financial shocks of  the scale we  have witnessed leave  few
stones unturned.  It  is against  this  challenging backdrop  that  I
present your  Company's audited  financial  statements for  the  year
ended 31 March 2009.

During the period  under review  your Company's  undiluted Net  Asset
Value per Ordinary share fell by 32.7 per cent. to 76.86p. The middle
market price of the  Warrants fell by 90.9  per cent. to 3.00p.  This
compares with a fall  in the Company's  composite benchmark index  of
27.6  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 Small Companies  - Ex  US
Index, which returned -34.3 per cent. for the period) and by  Winslow
Management Company,  LLC (measured  against the  Russell 2500  Growth
Index in the USA, which returned  -14.2 per cent. for the period).  I
am pleased to be able to  report a significant degree of recovery  in
both Net Asset Value and share price since the year end. For  further
details please refer to the Manager's Review.

The Trust continued to  focus on six  green investment themes:  these
include Clean Energy, Water Management, Waste Management, Sustainable
Living, Environmental Services and  Green Transport. I recommend  the
Manager's Review  in which  he discusses  the impact  of the  current
economic downturn on the Trust. He  also speaks of the positive  long
term impact that the various global stimulus packages should have  on
green investment.

Finally, the policy changes  in the US on  the environment have  been
particularly  positive  since  President  Obama's  inauguration.   Of
particular note,  the Environmental  Protection Agency  has  labelled
carbon dioxide a 'major hazard' to  the health of the US  population.
This is widely understood to be  a precursor to a national  emissions
policy and provides  a cause  for optimism  as we  approach the  next
round of UN discussions on a deal to replace the Kyoto protocol later
this year. Amid  very trying  economic times, there  are reasons  for
hope. I am pleased that the Trust continues to offer the  opportunity
to invest in companies actively seeking environmental solutions.

The Board

I am sorry to  announce that Alexander Hoare,  who has served on  the
Board since the  Company's inception,  has decided to  resign at  the
forthcoming Annual General Meeting.  On behalf of  the Board I  would
like to  take  this  opportunity  to  thank  Alex  for  his  enormous
contribution over the period  he has served the  Company. He will  be
greatly missed. The Board is now seeking a suitable replacement.

Winslow

As announced in  March 2009  Winslow Management Company  LLC will  be
joining Brown  Advisory Holdings  Incorporated  with effect  from  31
March  2009.   The  Board   welcomes  the   development  which   will
significantly increases  resources  at its  disposal.  The  Company's
relationship with Winslow will remain unchanged.


Share buyback powers

During the year 2,364,990 Ordinary  shares were repurchased of  which
360,000 are held in Treasury and  the balance were cancelled. At  the
Annual General Meeting your Board is  seeking to renew its powers  to
buyback shares for cancellation or holding in Treasury. This can be a
useful tool for enhancing the Net Asset Value of the Ordinary shares.
The repurchase of shares  will only be  undertaken after taking  into
consideration the interests of the Ordinary shareholders at the  time
the  opportunity  arises.  Further  information  is  set  out   under
'Discount Control' on page 3 of this report.

VAT Recovery

Last year we reported  that we would be  taking steps to recover  VAT
paid in the past on your Company's management fees as a result of the
European Court of  Justice ruling. We  are pleased to  report that  a
total of £97,000 was  recovered, including interest  and VAT paid  on
administration fees.  Approximately  70  per cent.  of  the  recovery
(£68,000) has  been  treated  as  distributable  reserves,  with  the
balance (£29,000) treated  as a capital  receipt (see Note  3 of  the
notes to the accounts).

Annual General Meeting

This year's Annual General Meeting will be held at 1 Grosvenor Place,
London SW1X  7JJ at  11.30am  on 8  September  2009. Details  of  the
resolutions to be proposed at the  meeting are set out in the  Report
of the Directors on page 22.


Perry K O Crosthwaite
Chairman
17 June 2009
                          MANAGER'S REVIEW

Performance Review
For the 12 months ended 31  March 2009 the undiluted Net Asset  Value
per Ordinary share  fell by 32.7  per cent. compared  to a return  of
-27.6 per cent. for  the Trust's composite  index. Since launch,  the
total return for the Trust is  -21.1% compared to a return of  -20.6%
for the composite index.*

Market and Policy Review
In the year under review,  we have witnessed extraordinary events  in
financial  market  history.  Global   stock  indices  have   suffered
significant losses as governments and central banks across the  globe
struggled to contain a growing  economic crisis. The banking  sectors
in the US and UK had to be propped up by their respective governments
as large scale toxic debt  threatened their survival. Interest  rates
were cut towards zero in the  US and UK as inflationary fears  turned
to concern about deflation due to a severe drop in global demand.  By
the end of the period,  the Bank of England  had embarked on a  £75bn
programme of 'quantitative  easing' with  the aim  of increasing  the
flow of money around the economy. The US Federal Reserve undertook  a
similar plan to  buy $300bn of  US Treasury bills.  Finally, the  G20
summit in London resulted in a pledge to provide $1,100bn to  support
the worst afflicted economies and boost international trade.

The economic downturn and ongoing credit crisis has had a  particular
effect on the companies in which we invest. Smaller businesses, which
provide some of  the most  exciting and  innovative green  investment
opportunities in the market, had a  difficult year. Some of our  core
sectors were impacted by the economic  downturn and the high cost  of
credit. Commuter growth  slowed resulting  in a sell-off  in bus  and
rail stocks National Express and FirstGroup. They are now priced  for
a prolonged economic  downturn. Concern over  refinancing costs  hurt
waste management  businesses  Shanks  and  Casella  Waste  Systems**.
However, these  difficulties appear  to be  easing. Finally,  falling
energy prices  and  tighter access  to  project finance  led  to  the
de-rating of wind companies  Vestas and  Gamesa  towards the  end  of
2008. This  was  in spite  of  the  fact that  these  businesses  are
supported by  long term  power purchasing  agreements and  government
legislation.

There were  several positive  performances  amid the  general  market
gloom. Sustainable living holding  United Natural Foods**  benefitted
from robust demand for  healthy foods in the  US. Falling oil  prices
were also a boost for the company's distribution business. Cranswick,
which has been  a core holding  for the Company  for some years,  has
continued to experience strong sales  growth in a difficult  economic
environment.  This  is  because  consumers  are  trading  down   from
restaurants and more expensive beef and lamb products.

Encouragingly, we have  seen a  recovery in many  of the  portfolio's
core holdings  in the  two  months since  the  end of  the  reporting
period. This has resulted  in an increase in  net assets of 15.1  per
cent. and an improvement in the  share price of 24.5 per cent.  Stock
markets globally have  responded positively to  tentative signs  that
the economic contraction in the US is slowing. Several holdings  have
also been re-rated on expectation that they well receive a boost from
the green  component of  various global  economic stimulus  packages.
Wind companies Vestas Wind Systems and Gamesa, for example, have made
solid progress  in the  two  months since  March.  We are  of  course
mindful that this represents a very short time period and that market
conditions may change quickly.

Investment Outlook
Given the  ongoing  economic  uncertainties,  we  are  maintaining  a
cautious approach. We  have held  a defensive cash  balance for  some
considerable time. We  plan to  put this  to work  in companies  with
strong balance sheets and robust business models that we believe have
been mispriced on  a longer  term view. However,  several stocks  are
being priced  for worst  case scenarios  and we  believe there  is  a
significant  disconnect  between  the  stock  prices  and  long  term
fundamentals of several companies in which we invest.

The long term outlook for the green sector received a boost following
the inauguration of President Barack Obama, who has pledged to create
a clean energy economy  in the US. Obama's  election should not  only
create a positive  environment for green  companies operating in  the
US,  but  also  for   businesses  in  other   parts  of  the   world.
Additionally, there  is a  great deal  of capital  being pledged  for
green projects  as part  of the  various stimulus  packages aimed  at
reviving the global economy. It is estimated that some $450bn of  the
funding pledged by G20  nations will support environmental  solutions
projects. This is  expected to  have a major  impact on  some of  our
investment opportunities, the likes of which we have not seen in  the
green  investment  area  before,   and  fundamentally  supports   our
investment thesis.

Charles Thomas
Jupiter Asset Management Limited
Investment Manager
17 June 2009

*Source: Jupiter Asset Management.  FTSE Global Small  Cap ex US  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.
                        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:

*           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.

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

*           Waste Management
Waste reduction and associated  technologies; recycling and  resource
management; recycled materials.

*           Sustainable Living
Healthy  lifestyle  sector  including  organic  foods,  complementary
medicines and healthcare.

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

*           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 finanical  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.




                          INCOME STATEMENT
                  for the year ended 31 March 2009


                    Year ended 31 March 2009 Year ended 31 March 2008
                   Revenue  Capital    Total  Revenue Capital   Total
                     £'000    £'000    £'000    £'000   £'000   £'000
Losses          on       - (23,816) (23,816)        - (2,673) (2,673)
investments     at
fair
value
Foreign   exchange      41    6,633    6,674        -   (162)   (162)
gain/(loss)
Income                 825        -      825      873       -     873
                    ______    _____    _____   ______   _____   _____
Total Income           866 (17,183) (16,317)      873 (2,835) (1,962)
                    ______    _____    _____   ______   _____   _____

Investment           (333)        -    (333)    (466)       -   (466)
management
 fee
Investment               -       29       29        -       -       -
performance
fee
Other expenses       (337)        -    (337)    (341)       -   (341)
                    ______    _____    _____   ______   _____   _____
Total expenses       (670)       29    (641)    (807)       -   (807)
                    ______    _____    _____   ______   _____   _____

Return on ordinary
activities before
finance costs and      196 (17,154) (16,958)
taxation                                           66 (2,835) (2,769)
Finance costs          (3)        -      (3)        -       -       -
Return on ordinary
activities before      193 (17,154) (16,961)
taxation                                           66 (2,835) (2,769)
Taxation              (50)        -     (50)     (20)       -    (20)
                    ______    _____    _____   ______   _____   _____
Net return after       143 (17,154) (17,011)
taxation                                           46 (2,835) (2,789)
                    ______    _____    _____   ______   _____   _____
Basic return per      0.32  (37.93)  (37.61)   (0.13)  (8.03)  (7.90)
Ordinary share
(p)
Diluted return per    0.32  (37.93)  (37.61)   (0.12)  (7.78)  (7.66)
Ordinary 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.


                            BALANCE SHEET
                          at 31 March 2009


                                                         2009    2008
                                                        £'000   £'000
Non current assets
Investments held at fair value through profit or       28,689  52,008
loss
                                                      _______ _______
Current assets
Prepayments and accrued income                             66     122
Sales awaiting settlement                                   -     331
Cash and cash equivalents                               5,162     362
                                                      _______ _______
                                                        5,228     815
                                                      _______ _______
Total assets                                           33,917  52,823
                                                      _______ _______
Current liabilities
Accruals                                                (108)    (89)

                                                      _______ _______
Total assets less current liabilities                  33,809  52,734
                                                      ======= =======

Capital and reserves
Called up share capital                                    44      46
Share premium                                          26,228  26,075
Redemption reserve                                        226     224
Special reserve                                        24,292  24,292
Retained earnings                                    (16,981)   2,097
                                                      _______ _______
Total equity shareholders' funds                       33,809  52,734
                                                      ======= =======

Net Asset Value per Ordinary share                     76.86p 114.14p
Diluted Net Asset Value per Ordinary share             76.86p 111.95p


                   STATEMENT OF CHANGES IN EQUITY
                  for the year ended 31 March 2009



                   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         46  26,075  24,292        224    2,097   52,734
March 2008
Net profit for         -       -       -          - (17,011) (17,011)
the year
Ordinary shares        -     153       -          -        -      153
issued
Ordinary shares      (2)       -       -          2  (2,067)  (2,067)
repurchased
                  ______   _____   _____      _____  _______  _______
Balance at 31         44  26,228  24,292        226 (16,981)   33,809
March 2009
                  ______   _____   _____      _____  _______  _______







                    Share   Share Special Redemption Retained
                  Capital Premium Reserve    Reserve Earnings   Total
                    £'000   £'000   £'000      £'000    £'000   £'000
For the year
ended 31 March
2008
Balance at 31          27   1,680  24,292          -    5,680  31,679
March 2007
Net profit for          -       -       -          -  (2,789) (2,789)
the year
Ordinary shares        20  25,009       -        223        -  25,252
issued
Cost of Ordinary        -   (614)       -          -        -   (614)
shares issued
Ordinary shares       (1)       -       -          1    (794)   (794)
cancelled
                   ______   _____   _____   _______-  _______ _______
Balance at 31          46  26,075  24,292        224    2,097  52,734
March 2008
                   ______   _____   _____    _______  _______ _______





                         CASH FLOW STATEMENT
                  for the year ended 31 March 2009


                                             Year ended    Year ended
                                          31 March 2009 31 March 2008
                                                  £'000         £'000
Cash flows from operating activities
Investment income received                          772           549
Interest received                                   114           247
Investment management fee paid                    (393)         (466)
VAT recovery on investment management fee            47             -
Performance fee paid                                  -         (207)
VAT recovery on performance fee                      29             -
Realised gain/(loss) on foreign currency            124          (79)
Other cash expenses                               (308)         (356)
                                                _______       _______
Cash generated from operations                      385         (312)

Interest paid                                       (3)             -
Taxation                                           (50)          (20)
                                                _______       _______
Net cash inflow/(outflow) from operating            332         (332)
activities
                                                _______       _______
Cash flows from investing activities
Purchases of investments                       (25,856)      (45,605)
Sales of investments                             32,238        20,446
                                                _______       _______
Net cash inflow/(outflow) from investing          6,382      (25,159)
activities
                                                _______       _______
Cash flows from financing activities
Shares issued                                       153        25,252
Share issue expenses paid                             -         (614)
Shares repurchased                              (2,067)         (794)
                                                _______       _______
Net cash (outflow)/inflow from financing        (1,914)        23,844
activities
                                                _______       _______
Increase/(decrease) in cash                       4,800       (1,647)

Change in cash and cash equivalents
Cash and cash equivalents at start of               362         2,009
year
                                                _______       _______
Cash and cash equivalents at end of year          5,162           362
                                                _______       _______



NOTES:

1. Income


                                       Year ended    Year ended
                                    31 March 2009 31 March 2008
                                            £'000         £'000
Income from investments:
Dividends from UK companies                   428           372
UK Bond Interest                               59            93
Dividends from overseas companies             225           162
                                              712           627
Other income:
Deposit interest                              109           246
Interest on VAT recovery                        4             -
Total Income                                  825           873

Income from investments is derived:
Listed on the UK Stock Exchange               487           465
Listed overseas                               225           162
                                              712           627



2 Reconciliation of net cash inflow from operating activities


                                                         2009    2008
                                                        £'000   £'000
Net return before finance costs and taxation         (16,958) (2,769)
Loss on investments                                    23,816   2,673
Decrease/(increase) in prepayments and accrued             56    (87)
income
Increase/(decrease) in accruals and other creditors        19   (212)
Foreign exchange (gain)/loss                          (6,548)      83
                                                         ____    ____
Net cash inflow/(outflow) from operating activities       385   (312)



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 2009  was
£379,632 (year ended  31 March  2008: £439,356)  with £23,917  (2007:
£37,281) 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
2009 (year ended 31 March 2008: nil.).

Jupiter Administration  Services  Limited is  contracted  to  provide
secretarial, accounting and  administrative services  to the  Company
for an annual fee  of £78,990 (2007: £75,469)  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 International Company PLC or its subsidiaries.  The only such
holding as at 31 March 2009 was Alon Technology Ventures representing
0.2 per cent. of total investments.

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


4. Going Concern

After making enquiries  the Directors have  a reasonable  expectation
that the Company  has adequate resources  to continue in  operational
existence for the foreseeable future.  For this reason they  continue
to adopt the going concern basis in preparing the accounts.

5. Directors' Responsibilities For The Accounts

The Companies Act 1985 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
events  and  conditions  on  the  entity's  position  and   financial
performance; and

(iii)       state whether applicable  accounting standards have  been
followed, subject to any material departures 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 1985.  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 2009, 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
17 June 2009



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 11.30 a.m. on 8 September 2009 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

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