Half-yearly report

Jupiter Green Investment Trust Plc
                      Unaudited Interim Results
               for the six months to 30 September 2009

          Chairman's Statement

It is with great pleasure that  I present the Interim Report for  the
Jupiter Green Investment  Trust for  the six months  to 30  September
2009.

The  period  was  characterised  by  a  marked  improvement  in   the
performance of global stock markets and growing stability in  Western
economies. Importantly  for  the  Trust, the  green  investment  area
started to  see  the effects  of  the estimated  $500bn  in  stimulus
packages  by  G20 nations  in  support  of green  solutions  projects
announced earlier in the year.

During the period under review your Company's total assets,  adjusted
for share cancellations  and warrant  conversions, rose  by 29.6  per
cent. to  £43,830,000. This  compares with  a rise  in the  Company's
composite Benchmark Index of 40.3 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 Cap ex US Index, which returned 46.7 per cent. for the  period)
and by Winslow Management Company, LLC (measured against the  Russell
2500 Growth Index in the USA,  which returned 28.9 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  29.6
per cent.  to 99.64p  during the  period under  review, whilst  their
middle market price rose by 34.2  per cent. to 86.25p. The  undiluted
Net Asset Value per Ordinary share rose by 29.6 per cent. to  99.64p.
The middle market price  of the Warrants rose  by 125.0 per cent.  to
6.75p.

I recommend  the Manager's  Review where  he discusses  the  positive
impact of the improved macro environment and green stimulus  measures
on the Trust's performance.

The Trust's  six  green investment  themes  are Clean  Energy,  Water
Management,  Waste  Management,  Sustainable  Living,   Environmental
Services and Green Transport. Given its focus, the Trust continues to
be an important  offering for  investors concerned  about efforts  to
tackle environmental  challenges.  We  are fast  approaching  the  UN
Climate Change Conference in Copenhagen  in December. Hopes are  high
that an agreement will be  reached that replaces the Kyoto  Protocol.
However, it  has been  very encouraging  to see  the acceleration  in
legislation by  individual  countries  (China and  South  Korea,  for
example) in the lead  up to this event.  These steps alone suggest  a
very supportive legislative environment  for green businesses  beyond
the conference no matter what is achieved.




P K O Crosthwaite
Chairman
30 November 2009




Manager's Review

Performance Review
For the six months  ended 30 of September  2009 the total return  for
the Trust was 29.6 per cent.*  compared to returns of 40.3 per  cent*
for the Trust's composite index**.

Market and Policy Review
The period  was characterised  by a  dramatic improvement  in  market
sentiment. What  started as  a relief  rally in  March following  the
introduction  of  "quantitative  easing"  programmes  in  UK  and  US
gathered momentum in April and May as investors became more confident
that the worst of the recession was behind us. The second half of the
period, in particular,  saw some stellar  returns for equities.  This
was due to a combination of better than expected corporate  earnings,
improving economic indicators around the world and the prospect  that
monetary policies  in the  West would  remain loose  for a  prolonged
period. The strongest sectors were interest rate sensitive  cyclicals
(i.e. banks and  other financials). More  defensive sectors, such  as
utilities, generally lagged.

Fund performance
Our core green investment sectors also experienced a strong  recovery
in the period. Several of the  top performers for the Fund tended  to
be cyclical in nature, i.e. particularly sensitive to changes in  the
macro economic environment. Abengoa (clean energy), the environmental
services  and   bio-energy  business,   and  Telvent   (environmental
services) produced  significant gains  as a  result. Another  notable
positive for the fund  was the performance  of alternative and  clean
energy stocks. Several businesses from these sectors have received  a
particular boost from  the $500bn of  stimulus packages announced  by
the G20 earlier  in the year.  It is for  this reason wind  companies
Gamesa and  Vestas Wind  Systems, as  well as  geothermal  businesses
Ormat Technologies+,  made  good  progress during  the  period  under
review.

The Trust  underperformed its  composite benchmark,  however. A  core
reason for  this was  the  sharp rally  in highly  leveraged  smaller
companies which  generally  fall  outside  of  our  green  investment
themes. The  strength  of  their  recovery  reflects  the  return  of
investor risk  appetite during  the  period. Additionally,  our  more
defensive holdings, although making healthy absolute gains, generally
lagged   the   market.   Novozymes   (clean   energy)   and   Stantec
(environmental services) both fell into this category. Each of  these
had been notable outperformers during the market downturn last  year.
Elsewhere,  First  Solar+  (clean  energy),  which  also   progressed
positively, could not keep up with the market.

Holding a large cash balance in  a rising market impeded the  Trust's
relative performance.  We held  this  balance throughout  the  market
downturn  last  year  to  help  cushion  the  Trust  against   market
volatility. The period presented some opportunities to deploy some of
this cash balance, however. Notable new positions included Daiseki, a
Japanese  industrial  waste  treatment  and  recycling  business  and
Transpacific, an Australian waste management business.

Investment Outlook
The stock market made solid  progress during the period. However  the
strength of the rally has been  surprising. This is not only  because
there are a number of risks  to the 'V' shaped recovery thesis  (e.g.
anaemic consumer  demand). We  would  not be  surprised to  see  some
profit taking in  the coming  months, particularly  if economic  data
plateaus. We do not expect a  return to the market lows seen  earlier
this year,  however,  and plan  to  use  any market  weakness  as  an
opportunity to reduce the Fund's cash balance.

The green investment thesis continues to be underpinned by heightened
levels of investment by  governments around the  world. We have  also
seen a pick-up in focus on climate change related stocks ahead of the
UN Climate Change Conference in Copenhagen in December. However,  our
focus, as ever, remains on  companies with proven technology,  strong
balance sheets  and robust  business models.  This should  provide  a
certain amount of resilience regardless of the outcome in Copenhagen.

Charles Thomas
Jupiter Asset Management Limited
30 November 2009

*  Source: Jupiter Asset Management
**FTSE 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
+  Managed by Winslow


Statement of Comprehensive Income for the six months to 30 September
2009 (unaudited)


                                Six months to           Six months to
                            30 September 2009       30 September 2008
                      Revenue Capital         Revenue Capital
                       Return  Return   Total  Return  Return   Total
                        £'000   £'000   £'000   £'000   £'000   £'000
Gain  /  (loss)   on
investments                 -  12,009  12,009       - (6,476) (6,476)
 at fair value  (Note
2)
Foreign      exchange    (26) (2,001) (2,027)      12   1,973   1,985
(loss) / gain
Income                    391       -     391     465       -     465
Total income              365  10,008  10,373     477 (4,503) (4,026)
Investment management   (170)       -   (170)   (225)       -   (225)
fee
Other expenses          (153)       -   (153)   (183)       -   (186)
Total expenses          (323)       -   (323)   (408)       -   (408)
Profit before finance
costs and taxation         42  10,008  10,050      69 (4,503) (4,434)
Finance costs               -       -       -     (3)       -     (3)
Profit before              42  10,008  10,050      66 (4,503) (4,437)
taxation
Taxation                 (30)       -    (30)    (29)       -    (29)
Profit and total
comprehensive income
for the period             12  10,008  10,020      37 (4,503) (4,466)
Basic Return per
Ordinary share (Note    0.03p  22.75p  22.78p   0.08p (9.88)p (9.80)p
3)
Diluted Return per
Ordinary share (Note    0.03p  22.75p  22.78p   0.08p (9.88)p (9.80)p
3)


The Company does not have any income or expense that is not  included
in profit for the period, and  therefore the "Profit for the  period"
is also the "Total comprehensive  income for the period", as  defined
in International Accounting Standard 1 (revised).

All of the profit  and total comprehensive income  for the period  is
attributable to the owners of the Company.

The total column of this statement is the Statement of  Comprehensive
Income  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.

The financial information does  not constitute 'accounts' as  defined
in section 434 of the Companies Act 2006.
Statement of Financial Position as at 30 September 2009


                                      30 September 2009 31 March 2009
                                            (unaudited)     (audited)
                                                  £'000         £'000
Non current assets
Investments held at fair value
through profit or loss                           39,859        28,689
Current assets
Prepayments and accrued income                       46            66
Sales awaiting settlement                           265             -
Cash and cash equivalents                         4,053         5,162
                                                  4,364         5,228
Total assets                                     44,223        33,917
Current liabilities
Accruals                                          (173)         (108)
Purchases awaiting settlement                     (220)             -
Total assets less current liabilities            43,830        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 (Note 5)                      (6,961)      (16,981)
Total equity shareholders' funds                 43,830        33,809
Net Asset Value per Ordinary share               99.64p        76.86p
(Note 6)
Diluted Net Asset Value per Ordinary             99.64p        76.86p
share (Note 6)


Statement of Changes in Equity for the six months to 30 September
2009



For the six months  Share   Share  Special Redemption Retained
to
30 September 2009  Capital Premium Reserve  Reserve   Earnings Total
(unaudited)         £'000   £'000   £'000    £'000     £'000   £'000

Balance at 31  Mar      44  26,228  24,292        226 (16,981) 33,809
2009
Net gain  for  the       -       -       -          -   10,020 10,020
period
Ordinary    shares       -       1       -          -        -      1
issued
Balance at 30 Sept      44  26,229  24,292        226  (6,961) 43,830
2009






For    the    six  Share   Share  Special Redemption Retained
months to
30 September 2008 Capital Premium Reserve  Reserve   Earnings  Total
(unaudited)        £'000   £'000   £'000    £'000     £'000    £'000

Balance at 31 Mar      46  26,075  24,292        224    2,097  52,734
2008
Net loss for  the       -       -       -          -  (4,466) (4,466)
period
Ordinary   shares       -     153       -          -        -     153
issued
Ordinary   shares     (1)       -       -          1  (1,436) (1,436)
cancelled
Balance   at   30      45  26,228  24,292        225  (3,805)  46,985
Sept 2008


Cash Flow Statement for the six months to 30 September 2009
(unaudited)


                                     Six months to      Six months to
                                 30 September 2009  30 September 2008
                                             £'000              £'000
Cash flows from operating
activities
Investment income received                     405                465
Deposit interest received                        6                 71
Other cash receipts                              1                  -
Investment management fee paid                (79)              (192)
Realised (loss) / gain on                     (61)                 37
foreign currency
Other cash expenses                          (180)              (231)
Cash generated from operations                  92                150
Interest paid                                    -                (3)
Taxation                                      (30)               (29)
Net cash inflow from operating                  62                118
activities
Cash flows from investing
activities
Purchases of investments                   (7,081)           (15,109)
Sales of investments                         5,909             19,488
Net cash (outflow) / inflow
from investing activities                  (1,172)              4,379
Cash flows from financing
activities
Shares issued                                    1                153
Shares cancelled                                 -            (1,436)
Net cash inflow / (outflow)
from financing activities                        1            (1,283)
(Decrease) / increase  in cash             (1,109)              3,214
Cash and cash equivalents at                 5,162                362
start of period
Cash and cash equivalents at                 4,053              3,576
end of period


                  NOTES TO THE FINANCIAL STATEMENTS



1.            Accounting Policies


The accounts comprise the unaudited financial results of the Company
for the six month period from 1 April 2009 to 30 September 2009. The
accounts are presented in pounds sterling, as this is the functional
currency of the Company.

The accounts have been prepared in accordance with International
Financial Reporting Standards (IFRS) adopted by the International
Accounting Standards Board (IASB), and interpretations issued by the
International Financial Reporting Interpretations Committee of the
IASB (IFRIC).

A summary of the principal accounting policies, all of which have
been applied consistently throughout the period, is set out below:

Revenue, Expenses and Interest Payable
Revenue includes dividends from investments quoted ex-dividend on or
before the date of the Statement of Financial Position. Income on
fixed income securities is recognised on a time apportionment basis
according to the period for which these investments are held. Deposit
and other interest receivable, expenses and interest payable are
accounted for on an accruals basis. An analysis of retained earnings
broken down into revenue (distributable) items and capital
(non-distributable) items is given in Note 5. In arriving at this
breakdown, expenses have been presented as revenue items except as
follows:


  * expenses which are incidental to the purchase or sale of an
    investment are included in the cost or deducted from the proceeds
    of the investment (see Note 4).


*          any performance fees payable are allocated wholly to
  capital, reflecting the fact that, although they are calculated on
  a total return basis, they are expected to be attributable largely,
  if not wholly, to capital performance.

  Investments
  All investments are classified as held at fair value through profit
  or loss. All investments are measured at fair value with changes in
  their fair value recognised in the income statement. The fair value
  of listed investments is based on their quoted bid market price at
  the date of the Statement of Financial Position without any
  deduction for estimated future selling costs.


 2.            Gains on Investments

                                          Six months to Six months to
                                           30 September  30 September
                                                   2009          2008
                                          £'000         £'000
  Net loss realised on sale of            (2,617)       (1,540)
  investments
  Movement in unrealised gains            14,626        (4,936)
  Gain / (loss) on investments            12,009        (6,476)





  3.      Earnings per Ordinary share

  The earnings per Ordinary share figure is based on the net profit
  for the six months of £10,020,000 (six months to 30 September 2008:
  Loss £4,466,000) and on 43,988,009 (six months to 30 September
  2008:45,595,272) Ordinary shares, being the weighted average number
  of Ordinary shares in issue during the period.

  The earnings per Ordinary share figure detailed above can be
  further analysed between revenue and
  capital, as below.



                                                                      Six months Six months
                                                                              to         to
                                                                              30         30
                                                                       September  September
                                                                            2009       2008
                                                                      £'000      £'000
Net revenue profit                                                    12         37
Net capital profit / (loss)                                           10,008     (4,503)
Net total profit / (loss)                                             10,020     (4,466)
Weighted average number of Ordinary shares in issue during the period
                                                                      43,988,009 45,595,272
Revenue earnings per Ordinary share (p)                               0.03       0.08
Capital earnings per Ordinary share (p)                               22.75      (9.88)
Total earnings per Ordinary share (p)                                 22.78      (9.80)



 The Warrants in issue are non dilutive for the period to 30 September 2009.





  4.        Transaction Costs



 The following transaction costs were incurred during the period:



                 Six months to      Six months to
             30 September 2009  30 September 2008
            £'000              £'000
  Purchases 12                 18
  Sales     14                 31
            26                 49



 5.      Retained earnings


  The table below shows the movement in the retained earnings
  analysed between revenue and capital items.



                              Revenue Capital  Total
                              £'000   £'000    £'000
  At 31 March 2009            10      (16,991) (16,981)
  Movement during the period:
  Net profit for the period   12      10,008   10,020
  At 30 September 2009        22      (6,983)  (6,961)





 6.     Net Asset Value per Ordinary share


  The Net Asset Value per Ordinary share is based on the net assets
  attributable to the Ordinary shareholders of £43,830,000 (31 March
  2009: £33,809,000) and on 43,988,404 (31 March 2009: 43,987,831)
  Ordinary shares, being the number of Ordinary shares in issue at
  the period end.

  The Warrants in issue are non dilutive for the period to 30
  September 2009.




                      Interim Management Report



 Related Party Transactions

  During the first six months of the current financial year no
  transactions with related parties have taken place which have
  materially affected the financial position or performance of the
  Company during the period. Details of related party transactions
  are contained in the Annual Report and Accounts 2009 and in this
  Interim Report.



 Principal Risks and Uncertainties

  The principal risks and uncertainties associated with the Company's
  business can be divided into the following areas:


 -              investment policy and process

 -              market movements

 -              accounting, legal and regulatory

 -              operational, and

  -              financial, such as market price risk and foreign
  currency risk.

  Information on these risks is set out in the Annual Report and
  Accounts 2009.

  In the view of the Board these principal risks and uncertainties
  are applicable to the remaining six months of the year as they were
  to the six months under review.

  Directors' Responsibility Statement
  We the Directors of Jupiter  Green Investment Trust PLC confirm  to
  the best of our knowledge:

  a)             the condensed set of financial statements have  been
  prepared  in  accordance  with  the  Accounting  Standards  Board's
  statement 'Half-Yearly Financial Reports';

  b)             the  Chairman's  Statement,  Manager's  Review,  and
  Interim Management Report include a fair review of the  information
  required by Disclosure and Transparency Rule 4.2.7R, and

  c)             the Interim Management Report includes a fair review
  of the  information required  by Disclosure  and Transparency  Rule
  4.2.8R on related party transactions.

  The half-yearly financial report has  not been audited or  reviewed
  by the Company's auditors.

  By order of the Board

  P K O Crosthwaite
  Chairman
  30 November 2009


  Investment Objective

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

  Full details of the Company's investment policy can be found in the
  2009 Interim Report.


  The Interim Report will be sent to all shareholders and will be
  available on the Company's website at www.jupiteronline.co.uk.
  Copies may also be obtained from the registered office of the
  Company at 1 Grosvenor Place, London SW1X 7JJ.



  BY ORDER OF THE BOARD
  JUPITER ASSET MANAGEMENT LIMITED
  Secretaries
  

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