Half-yearly report

Martin Currie Portfolio Investment Trust plc

Half-yearly financial report
Six months to 31 July 2009

Copies of the Half Year report for the six months ended 31 July 2009 have been
submitted to the UK Listing Authority and will shortly be available for
inspection at the UK Listing Authority's Document Viewing Facility situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS.

A copy of this half year report can be downloaded at
www.martincurrieportfolio.com.

Financial Summary

Key data

                  As at     As at        %
                  31 July   31 January   change
                  2009      2009

Net asset value   107.7p    93.1p        15.7
per share*

FTSE All-Share    2,353.5   2,078.9      13.2
index

Share price       101.8p    89.8p        13.4

Discount*         5.5%      3.5%



Total returns†

                  Six months    Six months
                  ended 31      ended 31
                  July 2009     July 2008

Net asset value   18.4%         (3.4%)
per share*

FTSE All-Share    16.2%         (6.2%)
index

Share price       16.2%         (2.3%)



Income

                  Six months    Six months    %
                  ended         ended 31      change
                  31 July 2009  July 2008

Revenue return    1.85p         2.28p        (18.9%)
per share‡

Interim dividend  1.00p         1.00p        -
per share


Total expenses**
(as a percentage of net asset value)

                  Six months    Six months
                  ended 31      ended 31
                  July 2009     July 2008

Excluding         1.0%          0.8%
performance fees

Performance fees  -             0.2%

Total             1.0%          1.0%

*Figures shown are inclusive of income as per AIC Guidance
† The combined effect of any dividend paid, together with the rise or fall in
the share price, net asset value or FTSE All-Share Index.
‡ For details of calculation, refer to note 2
** Total expenses (as a percentage of shareholders' funds) are calculated using
average net assets over the period.


Interim Management Report

Chairman's statement

Performance
In the six-month period under review the company's net asset value per share
rose by 15.7%, a meaningful recovery following such a sharp fall in the previous
financial year. The benchmark FTSE All-Share index rose by 13.2% over the same period, while the company's
share price rose by 13.4%.

While the company's benchmark is the FTSE All-Share index, reflecting a
substantial portion of the assets and the domicile of our shareholders, the
manager has flexibility to choose the best
stocks internationally and to have a part of the portfolio in private equity.
The performance in the most recent six-month period demonstrates the value of
the company's diversified three-tier strategy, with each part of the portfolio
contributing to positive returns for shareholders:

-    The UK equity portion of the portfolio rose by 14.0%;
-    The international portion of the portfolio rose by 23.3%;
-    After a particularly sharp fall in the year to 31 January, the private
equity portion made a significant recovery, rising by 40.0%.

Dividends
Many companies have sought to preserve cash and have reduced or, in some cases,
halted dividend payments. Our income fell by 19% in the first six months of the
financial year compared to the same period last year.  However, the board is
recommending an unchanged interim dividend of 1.0p (2008: 1.0p), which will be
paid on 28 October 2009 to shareholders on the register as at 9 October 2009.

Capital structure
When Martin Currie Portfolio was launched in March 1999, a right to redeem
shares every five years was built into the Articles of Association. The second
opportunity followed this year's annual general meeting in May. Your board is delighted that shareholders
representing 92% of the underlying shares chose to retain their investment; we
believe this represents an endorsement of the company's investment strategy.

Looking ahead
The difficult question at the present time is whether and to what extent the
current recovery can be sustained, a question that Tom Walker tackles in his
manager's review. What is reassuring is that the principal catalyst for the most
recent surge in markets was company earnings results, which were better than
expected. It is also true that in both the UK and the US there have been signs
that the fall in house prices is decelerating, that car sales were not as weak
as they were and that inflation remains moderate, despite higher commodity
prices.  However, the longer-term concern remains ballooning public deficits and
what they mean for future investment returns.

As Tom Walker concludes in his manager's review, while equity valuations are
attractive, we remain cautious. Confidence is vital; as it recovers with so much
cash globally now uninvested more investment should return to equities.

Ian Bodie, who has served the company so well for the last five years, latterly
as chairman of the audit committee, has decided to stand down to devote more
time to his own international business interests. We are very grateful to Ian
for his contribution to the board.


Peter Berry
Chairman
30 September 2009

Risks and Uncertainties
The board closely monitors the risks of the company.  The board carries out a
risk workshop as part of its annual strategy meeting and has identified the
following as key risks to the company.  The board has also implemented specific
mitigating measures to reduce the probability and impact of each risk to the
greatest extent possible.

Risk and Mitigation
Loss of s842 status - In order to qualify as an investment trust, the company
must comply with Section 842 of the Income and Corporation Taxes Act 1988.
Section 842 qualification criteria are continually monitored by Martin Currie
and the results reported to the board.

Operational disruption at the manager's premises - Martin Currie has in place a
full disaster recovery and business continuity plan which facilitates continued
operation of the business should their premises be subject to operational
disruption. The plan was last tested in November 2008 with successful results.
Martin Currie maintains a fully operational off-site disaster recovery centre
for use by key staff during any disruption.

Regulatory, accounting/ internal control breach - The company must comply with
the Companies Act 2006 and the UKLA Rules. The board relies on the services of
its company secretary and its professional advisers to ensure compliance.

Loss of investment team or portfolio manager - Martin Currie takes steps to
reduce the likelihood of such an event by ensuring appropriate succession
planning and the adoption of a team based approach, as well as special efforts
to retain key personnel.

Failure to manage the discount - The board regularly discusses discount policy
and has set parameters for the manager and the company's broker to follow.

Investment underperformance - The board manages the risk of investment
underperformance by diversification of investments and through a set of
investment restrictions and guidelines that are monitored and reported on by
Martin Currie.  The board monitors the implementation and results of the
investment process with the portfolio manager, who attends all board meetings,
and reviews data that show statistical measures of the company's risk profile.

Gearing/Interest rate risk - From time to time the company finances its
operations through bank borrowings. However, the board monitors such borrowings
(gearing) closely and takes a prudent approach.  At the period end bank
borrowings were nil.  In accordance with the investment policy the limit on
gearing is 20% of total assets.  The company's investment portfolio is not
directly exposed to interest rate risk and there are no fixed rate securities
held as at 31 July 2009 (31 July 2008: nil).

Foreign exchange risk - A portion of the company's portfolio is held in
currencies other than sterling and a high proportion of major UK listed
companies receive a substantial percentage of their revenues from international
operations, so in principle the board charges the manager to consider exchange
risk in the normal course of market and stock analysis. From time to time the
board may, however, hedge overall exposure to a particular currency (for example
the US dollar or Japanese yen) sometimes by borrowing in these currencies
against portfolio exposure to them.

Counterparty risk - Martin Currie monitors counterparty relationships on behalf
of Martin Currie Portfolio.  This process includes indentifying major
counterparties, mapping exposure and analysing the risks through the company's
risk, compliance, dealing, operations and middle office teams.  The aim is to
enable the board of Martin Currie Portfolio to determine an appropriate level of
counterparty risk exposure, and to diversify or mitigate this, as required.
This process is subject to continual monitoring and review with any
recommendations being made to the board.

Related Party Transactions
There have been no related party transactions during the first half of the year.

Directors' Responsibility
In accordance with Chapter 4 of the Disclosure and Transparency Rules, and to
the best of their knowledge, each director of Martin Currie Portfolio, confirms
that the financial statements have been prepared in accordance with the
applicable set of accounting standards and give a true and fair view of the
assets, liabilities, financial position and net return of the company.
Furthermore, each director certifies that the interim management report includes
an indication of important events that have occurred during the first six months
of the financial year, and their impact on the financial statements, together
with a description of the principal risks and uncertainties that the company
faces. In addition each director of Martin Currie Portfolio confirms that there
have been no related party transactions during the first half of the year.

By order of the board
Peter Berry
Chairman
Edinburgh
30 September 2009


Manager's Review

The strength of the bounce in markets since March lows (up over 30% to 31 July
2009 and over 50% to today's date) has surprised many investors. In my review in
the annual report sent to shareholders in March, my closing comment was `now is
not the time to be selling equities'.  Forecasting is often a humbling
experience and short-term timing is even more hazardous. With hindsight, I would
have preferred a less cautious view than `don't sell', but it is encouraging
that shareholders have participated fully in this
meaningful recovery.

This year, I have steadily reduced cash, which represented 3.5% of assets at 31
July 2009. New holdings include global steel manufacturer Arcelor Mittal and
satellite operator Inmarsat. I have sold Land
Securities, Wolseley and BT Group, which had enjoyed significant share-price
recoveries.

Review

United Kingdom
The UK economy declined in the first quarter of this year and slid further in
the second quarter. Overall, the economy contracted 5.6% year on year, the worst
annual decline since records began in 1955. Banks have been reluctant to lend,
and many businesses have struggled to fund their working capital.  At the same
time, many consumers have focused on reducing borrowings rather than taking on
more debt. While the efforts of government to mitigate the slowdown by throwing
enormous sums of money into the economy have undoubtedly helped, they have come
at an enormous price. Public-sector debt will curb many of the government's
growth initiatives for
years to come. Against this backdrop of fiscal profligacy, one of the surprises
in this period has been the strength of sterling. Notably, it has appreciated by
16% against the dollar.

This currency strength has resulted in the UK market outperforming most regions
over the period. As in most markets around the world, the recovery in investors'
risk appetite has dictated the kinds of stocks that have performed best in the period. In the UK, the worst-performing
sector was utilities, where
earnings tend to be steady and predictable. It fell 9%. Basic materials, a
sector much more exposed to the ebb and flow of demand, was the strongest,
rising 70% as many commodity prices bounced significantly. This gap - 79
percentage points between the strongest and weakest sectors in just six months -
speaks volumes about the volatility and
dispersion of equity returns.

The recovery in the bank sector is worthy of mention, not least because this is
a sector on which I am still cautious. The support of government guarantees and
the raising of new capital have
alleviated concerns about bank solvency, so share prices have bounced
dramatically from their crisis lows. But I remain concerned that greater
regulation and reduced leverage will make banks less attractive investments in
terms of growth and dividends, and that the credit cycle will continue to punish
their balance sheets for some time. We do hold HSBC, which has avoided
government ownership - a further complication for many UK banks. The share price
of HSBC rose 28% over the six months to 31 July 2009.

International
Although many countries, not least the US, face similar challenges to the UK -
higher unemployment, collapsing domestic demand, escalating public debt to name
but a few - it is probably fair to say that few economies are as badly placed as
the UK's, while many, especially those of less developed countries, have
considerably better prospects. Most of our `UK' stocks are actually global in
their remit; such companies, together with overseas-listed firms, have long been
our preferred investment targets.

In this period, emerging stockmarkets were the strongest performers, reflecting
their better economic outlook as well as the increase in risk appetite referred
to above. China best captures this, with its economy growing at 7.9% in the
second quarter despite the weak export markets.  The Chinese government has
provided, and can afford to provide, considerable fiscal stimulus, which has led
to strong loan growth, fixed-asset investment, industrial production and
retail sales.

North America, Europe and Japan are less well placed economically. However, the
encouraging thing about these regions has been the rapid adjustments to business
models that companies have made pretty much across the board. In such a sluggish
environment it has been difficult for companies to grow revenues, but they have
been very quick to cut costs. As a result, easily the majority of US companies,
for example, exceeded earnings expectations in both the first and second
quarters. This has been a large factor in driving the stockmarket recovery.

Private equity
Private equity was a major casualty of the credit crisis, and share prices
tumbled in the second half of last year. On top of falling share values, many
private equity vehicles had significant
borrowings and had committed capital they did not have. So, as sources of
capital dried up, balance sheets had to be restructured, commitments
renegotiated, and capital raised through rights issues and asset sales. The
patient is out of intensive care, but has not yet been discharged.

Investment activity remains limited, but there have been early signs of renewed
interest - Candover sold WM Company, and F&C Private Equity benefitted from the
sale of Viking Moorings. The workout is going to take some time, but there is
significant upside from valuation discounts that are still wide despite strong
share price performance over recent months.

Performance
The 18.4% total return on NAV during this period would be extremely gratifying
were it not for the huge decline in value that preceded it. Nevertheless, it is
a start in the process of rebuilding confidence in equity markets. The company
NAV outperformed the FTSE All Share index by 2.2 percentage points. The main
driver of this was the recovery in private equity prices, notably F&C Private
Equity Trust. Other strong contributors included Indonesian auto-assembler PT
Astra International, Chinese property company New World Development and European
engineer Tecnicas Reunidas. Being underweight UK banks, Barclays in particular,
was unhelpful in this period, while our holdings in `defensive' companies like
Fresenius (healthcare), Southern Company (electric utility) and WalMart
underperformed.

Outlook
I have commented above on the positive economic trends in developing countries,
but even in developed economies, there are signs of stabilisation, if not
growth. Inventories have been depleted significantly over the last year and need
to be rebuilt. The escalation in unemployment is slowing, as is the decline in
house prices. For some time, confidence has been the missing ingredient, but
some of these trends can be a powerful catalyst in restoring it. Consumer
confidence surveys in America have improved largely because the stockmarket has
bounced so
significantly. So we need to monitor economic trends closely to see whether
sustained final demand will prolong growth beyond this period of restocking.

While the recent strong run in the market is an obvious reason to cloak any
optimism with a degree of caution, I believe that equity valuations are still
attractive. Equities have to compete
with a number of other asset classes, including cash and government bonds. In my
opinion, they should continue to gain greater prominence in portfolios over
coming years, as confidence is slowly rebuilt.

Tom Walker
30 September 2009


Annual returns with dividends reinvested over 12 month periods to 31 July

              2009    2008     2007    2006    2005
Martin      (11.5%)  (1.6%)    17.7%   15.8%   31.5%
Currie
Portfolio
share price

Martin      (14.3%)  (4.5%)    17.8%   17.7%   30.3%
Currie
Portfolio
net asset
value per
share*

FTSE All-   (10.5%) (13.3%)    12.9%   17.3%   24.7%
Share index

5 year returns with dividend reinvested

Martin Currie       56.0%
Portfolio share
price

Martin Currie       47.7%
Portfolio net asset
value per share*

FTSE                28.2%
All-Share
Index


*Net asset value per share exclusive of income.
Source: Fundamental data.
Past performance is not a guide to future returns.



Portfolio Summary

Portfolio distribution

By Region       31     31
                July   January
                2009   2009
United          57.9%  59.7%
Kingdom

International*  34.1%  33.9%

Private         8.0%   6.4%
Equity
              100.0% 100.0%

*International    31     31
                  July   January
                  2009   2009

North America     14.0%  16.3%
Europe (ex UK)    10.1%  8.6%
Global Emerging   4.6%   3.7%
Markets
Developed Asia    3.2%   2.4%
Japan             2.2%   2.9%


By Sector           31 July 2009   31
(excluding cash and                January
private equity)                    2009

Oil and Gas         18.2%          21.7%
Financials          15.0%          11.9%
Consumer Services   11.4%          12.7%
Basic Materials     11.0%          8.0%
Technology          10.8%          10.0%
Industrials         10.6%          10.0%
Consumer goods      9.4%           9.3%
Healthcare          8.9%           10.8%
Utilities           2.8%           3.6%
Telecommunications  1.9%           2.0%
                    100.0%         100.0%





By Asset Class   31     31
(including cash  July   January
and borrowings)  2009   2009

Equities         96.5%  94.7%
Cash             3.5%   5.3%
                 100.0% 100.0%



Largest 10        31 July    31 July  31        31
holdings          2009       2009     January   January
                  Market     % of     2009      2009
                  Value      total    Market    % of
                  £000       portfol  value     total
                             io       £000      portfolio

HSBC Holdings     9,794      7.7       6,777     5.8
BP                9,512      7.5      10,341     8.8
F&C Private       9,155      7.2       6,470     5.5
Equity Trust†
GlaxoSmithKline   7,064      5.6       8,196     7.0
BHP Billiton      5,311      4.2       4,387     3.7
BG                4,967      3.9       5,166     4.4
British American  4,257      3.4       4,759     4.0
Tobacco
Royal Dutch       3,580      2.8       4,175     3.5
Shell
Anglo American    3,302      2.6       2,367     2.0
Xstrata           3,205      2.5         823     0.7

†Ordinary and restricted voting shares combined


Unaudited Income Statement

                   Six months to 31    (Restated)*
                   July 2009           Six months to 31
                                       July 2008

             Notes   Revenue  Capital  Total    Revenue  Capital  Total
                     £000     £000     £000     £000     £000     £000
Net          6        -       19,545   19,545    -       (8,384)  (8,384)
gains/
(losses) on
investments
Net currency 9        -            4        4    -          (40)     (40)
gains/
(losses)
Income       3       2,846       195    3,041    3,584      348    3,932
Investment            (107)     (214)    (321)    (160)    (320)    (480)
management
fee
VAT          11       -           98       98        -        -        -
recoverable
on
investment
management
fees
Performance  4        -            -        -        -     (424)    (424)
fee
Other                (268)        (6)    (274)    (220)       -     (220)
expenses
Net return          2,471     19,622   22,093    3,204   (8,820)  (5,616)
before
finance
costs and
taxation
Finance               -            -        -       (3)      (8)     (11)
costs: debt
Net return          2,471     19,622   22,093    3,201   (8,828)  (5,627)
on ordinary
activities
before
taxation
Taxation on  5       (74)          -     (74)      (88)       -      (88)
ordinary
activities
Return             2,397      19,622  22,019     3,113   (8,828)  (5,715)
on ordinary
activities after
taxation
Returns per         1.85       15.15   17.00      2.28    (6.47)   (4.19)
ordinary
share


Unaudited income statement cont.

                   (Audited)
                   (Restated)*
                   Year to 31 January
                   2009
             Notes   Revenue  Capital  Total
                     £000     £000     £000
Net          6        -      (62,148)  (62,148)
gains/
(losses) on
investments
Net currency 9        -           48        48
gains/
(losses)
Income       3     6,003         349     6,352
Investment          (266)       (531)     (797)
management
fee
VAT          11      350       1,033     1,383
recoverable
on
Investment
Management
fees
Performance  4         -           -        -
fee
Other               (448)          -      (448)
expenses
Net return         5,639     (61,249)  (55,610)
before
finance
costs and
taxation
Finance               (3)         (8)      (11)
costs: debt
Net return         5,636     (61,257)  (55,621)
on ordinary
activities
before
taxation
Taxation on  5      (125)          -      (125)
ordinary
activities
Return on          5,511     (61,257)  (55,746)
ordinary
activities
after
taxation
Returns per        4.06       (45.11)   (41.05)
ordinary
share



The total columns of this statement are the profit and loss accounts of the
company.
The revenue and capital items are presented in accordance with the Association
of Investment Companies (AIC) Statement of Recommended Practice.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the six months.
*for details of restatement refer to note 1 and 12.

A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the company have been reflected in the above statement.


Unaudited Balance Sheet

                      As at 31 July  (Restated)*     (Audited)
                      2009           As at 31 July  (Restated)*
                                     2008           as at 31 January
                                                    2009
                 Note  £000   £000    £000    £000   £000    £000

Non-current
assets
Investments at
fair value
through profit
or loss
Listed on the                73,273          124,792          77,943
stock exchange
in the UK
Listed on stock              53,236           47,953          39,976
exchanges
abroad
                 6          126,509          172,745         117,919

Current Assets
Loans and        7      294            370          1,704
Receivables
Cash at bank          4,621          5,636          6,544
                      4,915          6,006          8,248
Creditors
Amounts falling  8     (602)          (854)        (1,443)
due within one
year
Net current                   4,313            5,152           6,805
Assets
Net assets                  130,822          177,897         124,724


Capital and
Reserves
Called-up share       6,071          6,789          6,699
capital
Special reserve     136,539        150,931        149,138

Capital               9,946          9,228          9,318
redemption
reserve
Capital reserve     (29,815)         2,992          (49,437)

Revenue reserve       8,081          7,957          9,006
Equity                      130,822          177,897         124,724
Shareholders'
Funds
Net asset value  2           107.7p          131.0p         93.1p
per ordinary
share


*for details of restatement refer to note 1 and 12


Unaudited Reconciliation of Movements in Shareholders Funds

Reconciliation Called    Capital    Special   Capital   Revenue
of movements   up        redempti   distribu  reserve   Reserve
in             ordinary  on         table     £000      £000
shareholders   share     reserve    reserve
funds for the  capital   £000       £000
six months to  £000
31 July 2009

At 31 January  6,699     9,318      149,138   (49,437)  9,006
2009

Ordinary        (97)        97       (1,774)        -       -
shares bought
back during
the period

Redemption of  (531)       531      (10,825)        -       -
ordinary
shares

Losses on         -         -             -    (6,703)      -
realisation of
investments at
fair value

Realised          -         -             -         4       -
currency gain
during the
period

Movement in       -         -             -    26,248       -
fair value
gains

Capitalised       -         -             -      (220)      -
expenses

Capital           -         -             -       195       -
dividends
received

VAT               -         -             -        98       -
recoverable on
capital
expenses

Net revenue       -         -             -         -   2,397

Dividends Paid    -         -             -         -  (3,322)

At 31 July     6,071     9,946      136,539   (29,815)  8,081
2009


Reconciliation Called    Capital    Special   Capital   Revenue
of movements   up        redempti   distribu  reserve   Reserve
in             ordinary  on         table     £000      £000
shareholders   share     reserve    reserve
funds for the  capital   £000       £000
six months to  £000
31 July 2008
(restated)

At 31 January  6,835     9,182      152,090   11,820    7,715
2008
(restated)

Ordinary        (46)        46       (1,159)       -        -
shares bought
back during
the period

Redemption of    -          -             -        -        -
ordinary
shares

Gains on         -          -             -    1,507        -
realisation of
investments at
fair value

Movement in      -          -             -      (40)       -
currency
losses

Movement in      -          -             -   (9,891)       -
fair value
losses

Capitalised      -          -             -     (752)       -
expenses

Capital          -          -             -      348        -
dividends
received

VAT              -          -             -        -        -
recoverable on
capital
expenses

Net revenue      -          -             -        -    3,113

Dividends Paid   -          -             -        -   (2,871)

At 31 July    6,789     9,228       150,931    2,992    7,957
2008


Reconciliation Called    Capital    Special   Capital   Revenue
of movements   up        redempti   distribu  reserve   Reserve
in             ordinary  on         table     £000      £000
shareholders   share     reserve    reserve
funds for the  capital   £000       £000
year to 31     £000
January 2009
(restated)

At 31 January  6,835     9,182      152,090   11,820    7,715
2008
(restated)

Ordinary       (136)      136        (2,952)       -        -
shares bought
back during
the year

Redemption of     -         -             -        -        -
ordinary
shares

Losses on         -         -             -   (6,163)       -
realisation of
investments at
fair value

Realised          -         -             -       48        -
currency gain
during the
year

Movement in       -         -             -  (55,985)       -
fair value
losses

Capitalised       -         -             -     (539)       -
expenses

Capital           -         -             -      349        -
dividends
received

VAT               -         -             -    1,033        -
recoverable on
capital
expenses

Net revenue       -         -             -        -    5,511

Dividends paid    -         -             -        -   (4,220)

At 31 January  6,699    9,318       149,138  (49,437)   9,006
2009



Unaudited Statement of Cash Flow

                 Note  As at          As at          (Audited)
                       31 July 2009   31 July 2008   As at 31
                                                     January 2009
                      £000   £000    £000    £000   £000    £000
Net cash inflow  10          3,905           664            2,484
from operating
activities

Servicing of
finance
Finance Cost:           -            (123)           (123)
debt
Finance Cost:      (3,322)         (2,871)         (4,220)
shareholders
funds
Net cash                    (3,322)       (2,994)          (4,343)
outflow from
servicing of
finance
Capital
expenditure and
financial
investment
Payment to         (8,490)        (23,829)        (31,188)
acquire
investment
sales of           18,294          16,333          25,905
investments
Net cash                     9,804        (7,496)          (5,283)
inflow/
(outflow) from
capital
expenditure and
financial
investment
Net cash                    10,387        (9,826)         (7,142)
inflow/
(outflow)
before
financing

Financing
Repurchase of              (1,489)        (1,088)         (2,952)
ordinary share
capital
Redemption of             (10,825)             -               -
ordinary shares
Short term bank                 -         (9,470)         (9,471)
borrowings
Decrease in                (1,927)       (20,384)        (19,565)
cash


                 Six months to  Six months to  (Audited)
                 31 July 2009   31 July 2008   year to 31
                 £000           £000           January 2009
                                               £000
Reconciliation
of net cash
flow to
movements in
net cash
Decrease in      (1,927)        (20,384)       (19,565)
cash as above
Repayment of       -              9,470          9,471
short term bank
borrowings
Change in net    (1,927)        (10,914)       (10,094)
cash resulting
from cash flows
Foreign               4             (40)            48
exchange
movements
Movement in net  (1,923)        (10,954)       (10,046)
cash in the
period
Opening net       6,544          16,590         16,590
cash
Closing net       4,621           5,636          6,544
cash


Notes to the Financial Statements

1 Accounting policies
a) Basis of preparation - The financial statements have been prepared in
accordance with applicable UK Accounting Standards and with the Statement of
Recommended Practice `Financial Statements of Investment Trust Companies and
Venture Capital Trusts' issued in January 2009. They have also been prepared on
the assumption that approval as an investment trust will continue to be granted.

The company continues to adopt the going concern basis in the preparation of the
annual financial statements.

b) Income from investments (other than special dividends), including taxes
deducted at source, is included in revenue by reference to the date on which the
investment is quoted ex-dividend, or where no ex-dividend date is quoted, when
the company's right to receive payment is established.

Franked investment income is stated net of the relevant tax credit. Other income
includes any taxes deducted at source. Special dividends are credited to capital
or revenue, according to the circumstances. Stock dividends are treated as
unfranked investment income; any excess in value of the shares received over the
amount of the cash dividend is recognised as a capital item in the income
statement.

c) Interest receivable and payable and management expenses are treated on an
accruals basis.

d) The management fee and finance costs in relation to debt are recognised two-
thirds as a capital item and one-third as a revenue item in the income statement
in accordance with the board's expected long-term split of returns in the form
of capital gains and income, respectively. The performance fee is recognised
100% as a capital item in the income statement as it relates entirely to the
capital performance of the company. Short-term deposits, expenses and interest
payable are treated on an accruals basis. All expenses are charged to revenue
except where they directly relate to the acquisition or disposal of an
investment, in which case, they are added to the cost of the investment or
deducted from the sale proceeds.

e) Investments - Investments have been designated upon initial recognition as
fair value through profit or loss. Investments are recognised and de-recognised
at trade date where a purchase or sale is under a contract whose terms require
delivery within the time frame established by the
market concerned, and are initially measured as fair value. Subsequent to
initial recognition, investments are valued at fair value. For listed
investments, this is deemed to be bid market prices or closing prices for SETS
stocks sourced from The London Stock Exchange. SETS is the London Stock
Exchange's electronic trading service for UK blue chip securities including all
the FTSE 100 constituents and the most liquid FTSE 250 along with some other
securities. Gains and losses arising from changes in fair value are included in
net profit or loss for the period as a capital item in the income statement and
are ultimately recognised in the unrealised reserve.

The valuation of forward currency contracts are included on the balance sheet.
Periodic changes to these valuations are recognised as unrealised gains and
losses in the income statement.
In accordance with FRS29, all investments have been categorised as Level 1 -
quoted in an active market.

f) Transaction costs incurred on the purchase and disposal of investments are
recognised as a capital item in the income statements.

g) Transactions in foreign currencies are recorded at the rate ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign
currencies are retranslated at the rate of exchange ruling at the balance sheet
date. Any gain or loss arising from a change in exchange rate subsequent to the
date of the transaction is included as an exchange gain or loss in the capital
reserve or the revenue account depending on whether the gain or loss is of a
capital or revenue nature.

h) All financial assets and liabilities are recognised in the financial
statements.

i) Dividends payable - Interim and final dividends are recognised in the period
in which they are paid.

j) Capital reserve - Gains or losses on realisation of investments and changes
in fair values of investments still held, are transferred to the capital
reserve. The capital element of the management fee and relevant finance costs
are charged to this reserve. Any associated tax relief is also credited to this
reserve.

Share buybacks are funded through the special distributable reserve.

VAT recovery - VAT recovered will be recognised with the same split by which
they were paid, ie management fees two thirds capital and one third revenue.
Performance fee is wholly capital.

k) Deferred taxation - Deferred taxation is recognised in respect of all
temporary differences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more or a
right to pay less tax in future have occurred at the balance
sheet date measured on an undiscounted basis and based on enacted tax rates.
This is subject to deferred tax assets only being recognised if it is considered
more likely than not that there will be suitable profits from which the future
reversal of the underlying temporary differences can be
deducted. Timing differences are differences arising between the company's
taxable profits and its results as stated in the accounts which are capable of
reversal in one or more subsequent periods.

Due to the company's status as an investment trust company, and the intention to
continue meeting the conditions required to obtain approval in the foreseeable
future, the company has not provided deferred tax on any capital gains and
losses arising on the revaluation or disposal of investments.

l) Shareholders funds - Under amended FRS25 `Financial Instruments: Disclosure
and Presentation', where shares meet certain conditions, they may be treated as
equity. Previously the shares in Martin Currie Portfolio have been treated as
debt, however they now meet all the conditions required to allow them to be
treated as equity and the board have decided that the early adoption of the
amended FRS 25 will be implemented in the current financial year and as a result
the shares wil be treated as equity and previous years results have been
restated to reflect this. For restatements please refer to note 12.

2.

                   Six months   (Restated)  (Restated)
                   to 31 July   Six months  Year to 31
                   2009         to 31 July  January
                                2008        2009
Returns and net
asset value
The return and net
asset value per
ordinary share are
calculated with
reference to the
following figures:

Revenue return
Revenue return      £2,397,000   £3,113,000  £5,511,000
attributable to
ordinary
shareholders
Average number of  129,557,839  136,510,184 135,792,258
shares in issue
during period
Return per                1.85p        2.28p       4.06p
ordinary share

Capital return
Capital return     £19,622,000 (£8,828,000) (£61,257,000)
attributable to
ordinary
shareholders
Average number of  129,557,839  136,510,184 135,792,258
shares in issue
during period
Return per              15.15p       (6.47p)     (45.11p)
ordinary share
Total return
Total return per        17.00p       (4.19p)     (41.05p)
ordinary shares

Net asset value
per share
Net assets        £130,822,000  £177,897,000 £124,724,000
attributable to
shareholders
Number of shares   121,426,723   135,804,944  133,990,458
in issue at the
period end
Net asset value          107.7p       131.0p        93.1p
per share

On 31 May 2009, shareholders were given the opportunity to redeem their shares
in the company at net asset value (NAV) less costs.

Subsequently, 10,630,376 shares were redeemed.  This event together with other
share buybacks reduced the number of shares outstanding as at 31 July 2009 to
121,426,723.

Between 1 August and 29 September 2009, a further 1,304,393 ordinary shares of
5p each have been bought back for cancellation at a cost of £1,404,915


3.

                   Six months to  Six months to   Year to 31
                   31 July 2009   31 July 2008    January 2009
                   £000           £000            £000
Income
From listed
investments
UK equities        2,016          2,453           4,235
International        541            766           1,133
equities
Stock dividends        1              -             164
Other income
Interest received    232              -               -
on VAT recovery
from HMRC
Interest on           16            343             449
deposits
Underwriting          40             22              22
commission
                   2,846          3,584           6,003


In addition, during the six months to 31 July 2009, the company received capital
dividends of £155,000 and £40,000.  These related to capital distributions from
F&C Private Equity Trust and ABB Limited respectively. During the six months to
31 July 2008, the company received a capital dividend of £311,000 and £37,000.
These related to capital distributions from F&C Private Equity Trust and ABB
Limited respectively.

4. Performance fee
There is no accrual for the performance fee for the year to 31 January 2010 (31
July 2008: £424,000).


5.

            Six months to 31         Six months to            Year to
            July 2009                31 July 2008             31 January 2009

            Revenue  Capital  Total  Revenue  Capital  Total  Revenue   Capital  Total

            £000     £000     £000   £000     £000     £000   £000      £000     £000

Taxation
on
ordinary
activities
Foreign         74       -      74     88       -        88    125        -       125
Tax


6.

                      Six        Six        Year to 31
                      months to  months to  January
                      31 July    31 July    2009
                      2009       2008       £000
                      £000       £000
Investments
Opening valuation     117,919     173,633    173,633
Opening unrealised     25,755     (30,230)   (30,230)
losses/(gains)
Opening cost          143,674     143,403    143,403
Purchases at cost       7,264      23,829     32,414
Disposal proceeds     (18,219)    (16,681)   (25,980)
Less: net              (6,703)      1,855     (6,163)
(loss)/profit on
disposal of
investments
Disposal at cost      (24,922)    (14,826)   (32,143)
Closing cost          126,016     152,406    143,674
Investment holding        493      20,339    (25,755)
gains/(losses)
Valuation at end of   126,509     172,745    117,919
period

Gains/(losses) on      (6,703)      1,855     (6,163)
investments held at
fair value
Net (loss)/profit on   26,248      (9,891)   (55,985)
disposal of
investments
Net profit/(loss) on   19,545      (8,036)   (62,148)
revaluation of
investments


The transaction cost in acquiring investments during the period were £21,000
(2008: £115,000). For disposals, transaction costs were £18,000 (2008: £19,000).

During the period there was a write down in the book cost of F&C Private Equity
Trust A shares of £189,000 (2008: £153,000) and ABB Limited of £36,000 (2008:
£28,000) which was reflected in the realised net loss of £6,703,000 (2008:net
profit £1,855,000).  This was as a result of capital repayments made in April
2009 and July 2009 respectively.


7.

                      As at 31   As at 31   As at 31
                      July 2009  July 2008  January
                      £000       £000       2009
                                            £000
Debtors: amounts
falling due within
one year
Dividends receivable  213        275        136
Amount due from         -          -         75
brokers
Taxation recoverable   56         31         39
Other debtors          25         64      1,454
                      294        370      1,704



8.

                      As at 31   As at 31   As at 31
                      July 2009  July 2008  January
                      £000       £000       2009
                                            £000
Creditors
Amounts falling due
within one year:
Due to brokers           -          -       1,226
Due to brokers for     285         71           -
repurchase of
ordinary shares
Due to Martin Currie   177        659         167
Other creditors        140        124          50
                       602        854       1,443



9.

               Six months to  Six months to   Year to
               31 July 2009   31 July 2008    31 January
                                              2009

Reconciliatio
n of net
return before
finance costs
and taxation
to net cash
inflow from
operating
activities
Return on       22,093         (5,616)         (55,610)
ordinary
activities
before
finance costs
and taxation
Adjustments
for:
(Gains)/losse  (19,545)         8,384           62,148
s on
investments
Effect of           (4)            40              (48)
foreign
exchange
rates
Decrease/(inc    1,352           (52)           (1,303)
rease) in
dividends
receivable
and other
debtors
Increase/(dec     100         (1,986)           (2,552)
rease) in
other
creditors and
other
accruals
Overseas          (91)          (106)             (151)
withholding
tax suffered
Net cash        3,905            664             2,484
inflow from
operating
activities



10 VAT recoverable
On 5 November 2007 the European Court of Justice ruled that management fees
should be exempt from VAT.

The manager submitted a claim to HMRC for VAT charged on investment management
fees for the period 1 April 2001 to 30 September 2007. A refund of £1,481,000
and interest of £232,000 was received from HMRC during the period and repaid to
the company. The reclaim for previous periods is uncertain and the company has
taken no account in these financial statements of any such repayment.

11 Interim report
The financial information contained in this half-yearly financial report does
not constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The financial information for the six months ended 31 July
2009 and 31 July 2008 has not been audited.

The information for the year ended 31 January 2009 has been extracted from the
latest published audited financial statements which have been filed with the
Registrar of Companies. The report of the auditors on those accounts contained
no qualification or statement under Section 237 (2)
or (3) of the Companies Act 1985.

12 Explanation of prior year adjustments
As per note 1 these financial statements have incorporated the amended
requirements of FRS 25 " Financial Instruments' Disclosure and Presentation".


                    As previously    Effect of      As restated
                    reported 31      change in      31 January
                    January 2009     policy         2009
                    £000             £000           £000
Reconciliation of
income statement
for the year ended
31 January 2009
Net loss on         (62,148)         -              (62,148)
investments
Net currency gains       48          -                   48
Income                6,352          -                6,352
Investment             (797)         -                 (797)
management fee
VAT recoverable on    1,383          -                1,383
investment
management fees
Performance fee          -           -                    -
Other expenses         (448)         -                 (448)
Net return before   (55,610)                        (55,610)
finance costs and
taxation
Finance costs:          (11)         -                  (11)
debt
Finance costs:       55,562       (55,562)                -
shareholders'
funds
Finance costs:          184          (184)                -
repurchase of
shares
Net return on           125       (55,746)          (55,621)
ordinary
activities before
taxation
Taxation on            (125)            -              (125)
ordinary
activities
Return                    -       (55,746)          (55,746)
attributable to
shareholders
Returns per               -        (41.05)           (41.05)
ordinary share


                    As previously    Effect of      As restated
                    reported 31      change in      31 July 2008
                    July 2008        policy         £000
                    £000             £000
Reconciliation of
income statement
for the period
ended 31 July 2008
Net losses on       (8,384)          -              (8,384)
investments
Net currency           (40)          -                 (40)
losses
Income               3,932           -               3,932
Investment            (480)          -                (480)
management fee
Performance fee       (424)          -                (424)
Other expenses        (220)          -                (220)
Net return before   (5,616)          -              (5,616)
finance costs and
taxation
Finance costs:         (11)          -                 (11)
debt
Finance costs:       5,620        (5,620)                -
shareholders'
funds
Finance costs:          95           (95)                -
repurchase of
shares
Net return on           88        (5,715)           (5,627)
ordinary
activities before
taxation
Taxation on           (88)             -              (125)
ordinary
activities
Return                  -         (5,715)           (5,752)
attributable to
shareholders
Returns per             -          (4.19)            (4.19)
ordinary share


                    As previously    Effect of      As restated
                    reported 31      change in      31 January
                    January 2009     policy         2009
                    £000             £000           £000
Reconciliation of
balance sheet for
the year ended 31
January 2009
Non-current assets
Investments at      117,919            -            117,919
fair value through
profit or loss
Current assets
Loans and             1,704            -              1,704
receivables
Cash at bank          6,544            -              6,544
Creditors
Amounts falling      (1,443)           -             (1,443)
due within one
year
Net assets          124,724            -            124,724
Capital and
reserves
Called up share       6,699            -              6,699
capital
Special reserve     149,138            -            149,138
Capital redemption    9,318            -              9,318
reserve
Capital reserve     (48,146)         (1,291)        (49,437)
Revenue reserve       7,715           1,291           9,006
Equity              124,724            -            124,724
shareholders'
funds


                    As previously    Effect of      As restated
                    reported 31      change in      31 July 2008
                    July 2008        policy         £000
                    £000             £000
Reconciliation of
balance sheet for
the period ended
31 July 2008
Non-current assets
Investments at      172,745          -              172,745
fair value through
profit or loss
Current assets
Loans and               370          -                  370
receivables
Cash at bank          5,636          -                5,636
Creditors
Amounts falling        (854)         -                 (854)
due within one
year
Net assets          177,897          -              177,897
Capital and
reserves
Called up share       6,789          -                6,789
capital
Special reserve     150,931          -              150,931
Capital redemption    9,228          -                9,228
reserve
Capital reserve       3,234         (242)             2,992
Revenue reserve       7,715          242              7,957
Equity              177,897          -              177,897
shareholders'
funds



Website
At www.martincurrieportfolio.com we maintain a website specifically for
shareholders in the trust and their advisers. It includes price and performance
statistics, monthly update, webcasts, online versions of the trust's annual and
interim reports and information on how to invest.