Half-yearly report Interim Results to 30 Septem...

Blue Planet Financials Growth & Income Investment Trusts No's 1-10 Plc

Interim Results
For the six months ended 30 September 2008

Blue Planet Financials Growth and Income Investment Trusts plc

Blue Planet Financials Growth and Income Investment Trust No 1 plc
(Registered Number 162796)

Blue Planet Financials Growth and Income Investment Trust No 2 plc
(Registered Number 162797)

Blue Planet Financials Growth and Income Investment Trust No 3 plc
(Registered Number 162798)

Blue Planet Financials Growth and Income Investment Trust No 4 plc
(Registered Number 162799)

Blue Planet Financials Growth and Income Investment Trust No 5 plc
(Registered Number 162800)

Blue Planet Financials Growth and Income Investment Trust No 6 plc
(Registered Number 162801)

Blue Planet Financials Growth and Income Investment Trust No 7 plc
(Registered Number 162802)

Blue Planet Financials Growth and Income Investment Trust No 8 plc
(Registered Number 162803)

Blue Planet Financials Growth and Income Investment Trust No 9 plc
(Registered Number 162804)

Blue Planet Financials Growth and Income Investment Trust No 10 plc
(Registered Number 162805)

Each of the investment trusts is a separate limited company, but otherwise they are to all intents and purposes
identical.  The information contained in this Interim Report, including the financial statements, applies equally to
each of the ten Blue Planet Financials Growth and Income Investment Trusts (the "Trusts"), and reference to the
"Company" shall be deemed to be a reference to each of them.



Trading in the shares and warrants of the Trusts

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





Officers and Advisors

Directors                                        Investment Manager
Victoria W Killay (Non-Executive Chairman)       Blue Planet Investment Management Ltd
Kenneth Murray (Non-Executive)                   18A Locker Street
Dr Michael Shea (Non-Executive)                  Sliema
                                                 Malta SLM 3124
                                                 Telephone No: [phone]
                                                 Facsimile No: + 356 2131 5219
                                                 e-mail: [e-mail]
                                                 www.blueplanet.eu

Secretary and Registered Office                  Registrars
Blue Planet Investment Advisers Ltd              Capita Registrars
Greenside House                                  Northern House
25 Greenside Place                               Woodsome Park
Edinburgh EH1 3AA                                Fenay Bridge
Telephone No: [phone]                   Huddersfield HD8 0LA
Facsimile No: [phone]                   Shareholder Helpline No. 0871 664 0300
e-mail: [e-mail]                             (calls cost 10p per minute + network extras
www.bpia.eu                                      Overseas [phone]
                                                 e-mail: [e-mail]
                                                 www.capitaregistrars.com

Auditors                                         Bankers
Deloitte & Touche LLP                                Lloyds TSB Scotland Plc
Saltire Court                                    Henry Duncan House
20 Castle Terrace                                120 George Street
Edinburgh EH1 2DB                                Edinburgh EH2 4LH

Stockbroker                                      Custodians
Fairfax Plc                                      RBC Dexia Investor Services Trust
46 Berkeley Square, Mayfair                      71 Queen Victoria Street
London WIJ 5AT                                   London EC4V 4DE



Blue Planet Investment Management Ltd is authorised and regulated by the Malta Financial Services Authority.
Blue Planet Investment Advisers Ltd is authorised and regulated by the Financial Services Authority.
Blue Planet Financials Growth and Income Investment Trust No.1-10 plc are members of the Association of Investment
Companies.





Financial Record

Investment Policy and Objectives
The investment policy of the Company is to invest in securities (as defined by the Financial Services & Markets Act
2000) including equities and debt issued by quoted financial companies located anywhere in the world with the objective
of providing investors with a total return greater than the Bloomberg World Financials Index. Not more than 15% of the
Company's portfolio may be invested in any one entity at the time the investment is made. The maximum gearing that will
be employed is set by the Directors from time to time and is currently 50% of shareholders funds (the Company's Articles
permit a maximum gearing of 50%). The company's benchmark index is the Bloomberg World Financials index and there is no
restriction on the amount that may be invested in any one country. The actual number of investment holdings, the level
of gearing and country allocations will depend on market conditions and the judgement of the Board of what is in the
best interest of Shareholders.




Financial Record         Six months ended        Six months ended         Year ended
                        30 September 2008       30 September 2007      31 March 2008


Shareholders' funds (£'000)            1,979                   3,748              3,490
Net asset value per share (p)       14.49                   27.45              25.56
Share price (p) (Bid)                 8.7                    18.5              15.60
Discount (%)                         40.0                    32.6               39.0
Gearing (%)*                         46.8                    11.1                  -


Revenue available for
shareholders (£'000)**               111                     (5)                 13
Revenue return per share (p)         0.81                  (0.04)               0.09
Total return per share (p)        (11.07)                  (5.37)              (7.26)
Total return on BBG World
financial Index (%)                (13.2)                      1               (15.8)

* Net debt as a percentage of shareholders' funds
** September 2008 includes VAT recovered of £48,000 (see note 8)

Dividend
No interim dividend has been declared.

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

Each ordinary share                                 9.524p
Each warrant                                        23.80p




The Investment Manager

Blue Planet Investment Management Ltd is a Malta based investment management Company which specialises in managing
investments in financial companies.  Its corporate philosophy is that consistent out-performance is more likely to be
achieved by specialisation than it is from the generalist approach, which currently prevails across most of the fund
management industry.

Stock markets comprise of many sectors, which are represented in general stock market indices, such as the S&P500, FTSE
All Share, FTSE Eurofirst 300, Nikkei 225 etc.  However, many of these sectors are in economic decline and will produce
below average returns to investors in the future.  Blue Planet believes that investors should only invest in those
sectors that have superior long-term economic prospects and, crucially, which are undervalued.  It believes that the
World's financial sector is one such sector.  By concentrating only on those sectors and by using the services of expert
fund managers who specialise in those sectors investors should maximise their likelihood of consistent out-performance.

By focusing on only one sector Blue Planet believes that it is able to develop a level of expertise and understanding of
that sector that generalist fund managers cannot.  It believes that this greater expertise and understanding will allow
it to produce better, more consistent investment returns for its clients than generalist fund managers.  It is widely
accepted in most walks of life that specialisation leads to better results than generalisation.

Blue Planet believes that in future pension funds and others will increasingly use specialist advisors to advise them
specifically and solely on the allocation of their assets across sectors and will then place the designated funds with
specialist investment managers in those sectors.  This segregation of roles and increased specialisation will, it
believes, reduce conflicts of interest and lead to better investment performance.

On 18 June 2008 Blue Planet Investment Management Ltd (a company registered in Malta) was appointed as the Investment
Manager of the Company at an unchanged annual fee of 1.50% per annum of the total assets of the Company which is paid
monthly. Mr Kenneth Murray is a Director of the Company which is controlled by an Employee Trust for the benefit of the
employees of the Company. Blue Planet Investment Management Ltd, the former manager of the Trust has changed its name to
Blue Planet Investment Advisers Ltd and will continue to provide administration and secretarial services to the Trust at
an unchanged fee of £7,500 per annum. Blue Planet Investment Advisers Ltd also provides an investment advisory service
to Blue Planet Investment Management Ltd. The investment management, administration and secretarial services agreements
may only be terminated on receipt of two years' notice

In addition to Blue Planet Financials Growth & Income Investment Trusts Nos 1-10 plc, Blue Planet Investment Management
Ltd also manages the Blue Planet European Financials Investment Trust plc, the Blue Planet Worldwide Financials
Investment Trust plc and the Blue Planet Global Financials Fund.  Details of Blue Planet's Savings Scheme, investment
trusts and other products can be found on its website, www.bpia.eu.  Alternatively, they may be obtained from Blue
Planet Investment Advisers Ltd, Greenside House, 25 Greenside Place, Edinburgh, EH1 3AA (Tel no: [phone]).




Website Information

Please take the time to visit our website:
www.blueplanet.eu

If you wish to receive a monthly fact sheet on the trusts please visit:
http://www.blueplanet.eu/blueplanet_downloads.136.html

To download historical Annual and Interim reports and past monthly fund fact sheets:
http://www.blueplanet.eu/blueplanet_downloads.124.html





Chairman's Statement

Performance
The banking crisis precipitated by the US subprime mortgage collapse, and the subsequent global economic slowdown, has
made this a very difficult year for financial stocks worldwide.  The NAV and share price of your Fund have suffered
accordingly. We are disappointed to report a fall in your Fund's fully diluted net asset value of 40.4% over the past
six months. This brings the fall in the fully diluted net asset value of your Fund to 44.2% for the year to 30th
September 2008. By comparison its benchmark index, the Bloomberg Worldwide Financial Index provided a total return of
-13.2% over six months and -27.6% over the last twelve months in sterling terms. Six months ago at the year end in March
2008 the share unit price of your Fund was 156p per share. We ended this interim period with a share unit price of 87p,
a fall of 44.2%. This share price represents a 36.9% discount from the Fund's fully diluted NAV.

Notwithstanding these disappointing results, we believe our economic analysis has been sound. We predicted the financial
problems in the US, and the global impact they would have, well ahead of other commentators. However our timing has, in
some cases, been poor. Twelve months ago the Fund reduced its exposure to equities and maintained a very defensive
portfolio through to the end of the Fund's financial year in March 2008. The trend in the Fund's NAV and in the
benchmark for the final six months of the full year period were both down, but your Fund's fully diluted NAV fell by
6.4% over the six month period, compared to a 16.6% fall in the Fund's benchmark.

During the interim period the Fund increased its investments in equities, predominantly in Emerging Markets, in
particular in India. Western banks were reeling from the consequences of huge credit write downs, which had reached
$590bn by the end of September 2008. At the same time surging oil and food prices were pushing up global inflation.
However, most Emerging Market banks had been largely unscathed by subprime write-downs, and although they were affected
by the severe contraction of international credit markets, there were steps being taken to address this issue. For
example in Russia their massive dollar balances are being recycled into local bank funding. Many emerging market
economies continue to grow well. The International Monetary Fund is still forecasting economic growth averaging 5.1% in
2009 across all emerging and developing economies. The low levels of debt in these countries leaves plenty of scope for
loan growth, unlike the West, where the high level of borrowings will restrict credit growth for many years to come.
These banks continue to show a strong growth in earnings whilst Western bank earnings are floundering, not only from
credit write downs, but from the threat of higher charges for bad debts as Western economies slow.

Although Emerging Market banks have continued to produce strong results through 2008, the lack of confidence in Western
banks has spilled over into all markets and the Funds re-entry into equity investments proved to be too early. In June
2008 the Fund's fully diluted NAV fell 15.8% as the Worldwide financial benchmark dropped 14.4% in one month and in
September the NAV fell by over 20% as the Russian RTS index fell 24.8% in sterling terms and URSA bank, our largest
holding, fell 50.4% in sterling terms in the month.

The problems of the World's banking industry had reached an unprecedented climax in September and October. Huge rescue
plans began to be assembled in the US and UK to stabilise the industry. In October a comprehensive series of measures
were introduced to aid banks, firstly in the US, where a $700bn bailout plan was passed, and then in the UK where a
major cash injection for UK banks was announced. The UK model was soon being replicated across Europe.  It is early days
yet, but this is a huge programme that now appears to address the core of the problem and we feel it is a significant
turning point.

We can report a piece of good news. Historically Investment Trusts were liable to pay VAT on investment management
services, whereas Unit Trusts were not. Last year a long running case at the European Court of Justice was decided in
favour of Investment Trusts and ruled that they should benefit from the same exemption from VAT as Unit Trusts and
OIECs. As a consequence, going forward your Trust will be able to reduce this element of its costs and a one-off payment
of £48,000 per Trust has been refunded to your Trust for the VAT paid over the last seven years.

Changes to Investment Manager
With effect from 18 June 2008 Blue Planet Investment Management Ltd (BPIM), a company registered in Malta, replaced Blue
Planet Investment Management Ltd, the UK incorporated company, as the Company's investment manager on the same terms as
the current management agreement. BPIM is registered with the Maltese Financial Services Authority, which, as an EU
member, provides the same level of financial regulation as enjoyed in the UK. Blue Planet Investment Management Ltd UK
has changed its name to Blue Planet Investment Advisers Ltd (BPIA). Ken Murray is the Chairman and a Director of BPIM
and Chairman and CEO of BPIA providing full continuity to the change. BPIA will provide the Maltese management company
with investment advice. It will also provide administration and secretarial services to the Company and the level of
fees charged will remain unchanged.

Portfolio
Figure 1 shows the movement in the security types and figure 2 shows the geographical movements in the portfolio over
the period. During the interim period the portfolio has increased its investments in both equities and bonds, thereby
reducing its cash and liquidity fund holdings.


Figure 1.  Portfolio Movements - Security types

  Security Type    Sep-08       Mar-08
         Equity      76.5         44.4
           Bond        17          7.9
           Cash       6.5           19
Liquidity Funds                   28.7



Figure 2.  Portfolio Movements - Geography

Country         Sep-08    Mar-08
Russia          32.10%    22.50%
India           27.90%     0.90%
Eire            16.40%    38.70%
Greece          10.40%    13.80%
Poland           6.20%    17.30%
Austria          3.80%     0.30%
Cyprus           1.30%     0.00%
Ukraine          1.00%     0.90%
Kazakhstan       0.90%     0.00%
Norway           0.00%     5.60%


Following a fact-finding mission to Russia in January 2008, the Fund built a position in short to medium dated
high-yielding Russian financial company corporate bonds. These bonds were purchased at values close to par and have
coupons ranging from 7.29% to 16%.

From February 2008 we began to reinvest in equities a modest way. More significant investments were made in May 2008, as
we began to feel that the upside potential in good banking stocks from their low levels, was far greater than the
downside. We saw positive signs in the capital raisings and reduction in liquidity problems at banks, and anticipated a
re-emergence of M&A activity. This has proved to be overly optimistic as the liquidity problems faced by banks have
risen sharply since this time.

With regards to geographic distribution, we have increased our exposure to the Commonwealth of Independent States (CIS)
markets, predominantly Russia. Investments here are split approximately 50:50 between equities and bonds. The Investment
Manager visited Russia in January 2008 and the Investment Advisers held a series of bank meetings in Russia in November
2008. Banks are feeling the effects of the liquidity squeeze, however retail banking is growing strongly from a very low
base, and Russia's economic growth remains on track. At the end of the interim period we held equity investments in
three Russian banks -Vozrozhdenie, URSA and Sberbank. These banks have recently reported half yearly net income growth
of 131%, 61% and 40% respectively in their results conforming to International Financial Reporting Standards. We also
hold seven separate holdings in corporate bonds. Elsewhere in CIS we have small holdings in Raiffeisen Bank Aval in the
Ukraine and Halyk Savings Bank in Kazakhstan.

Following two visits to the country we have made some significant investments in India. India is the fastest growing
major economy in the world after China. Its growth is moderating; in the most recently released figure for the quarter
to June 2008 it stood at 7.9% year on year. However the increase in personal consumption, and robust levels of corporate
investment in India are driving loan expansion to more than 25% per annum. Mortgages as a percentage of GDP is less than
10% in India, whereas in the UK it is around 90%. In the three months to June 2008, the top 15 Indian banks saw profit
increases of 22% year on year. We believe that India presents a number of excellent long-term investment opportunities,
because of the scope for growth in banking, and because there are continuing talks to change the foreign ownership rules
in India by 2009, which will lead to banking sector consolidation and acquisitions by foreign banks. At the end of the
interim period we held investments in six banks in India.

The investment in the Republic of Ireland consist of a holding in the Blue Planet Global Financials Fund, listed in
Dublin.

In 2008 the Fund reinvested in holdings in Greece. Banking penetration is low in Greece versus other EMU countries.
Total credit to GDP stood at 94% in Greece at the end of 2007, compared to 142% in the EMU. Credit was expanding at a
rate of over 20% in the first half of 2008. The country benefits from gross investment to GDP of 26% and for the next
ten years will continue to benefit from EU structural funds.

The Company reduced its investments in Poland. Poland's economic situation remains strong, with GDP growth standing at
5.8% in the second quarter of 2008 but Bank Zachodni was sold due to its significant exposure to the mutual fund
business in Poland, leaving us with a single holding in Poland, Bank Millennium, by the end of the interim period.

At the period end we also had small holdings in Erste bank in Austria and Bank of Cyprus. The Erste Bank holding has
subsequently been sold.

Warrants
The bid price of our Warrant units fell by 43.6% to 550p over the six months to 30th September 2008. Over the full year
the Warrant units' bid price has fallen 54.2%.

Each warrant unit entitles the holder to subscribe for 10 Ordinary Shares at an exercise price of 10 pence each. The
warrants remain valid until 2010.

Borrowings and Gearing
At the half year end the Fund had gearing of 46.8% compared to no net gearing at the end of March 2008. Gearing has been
reintroduced into the Fund as we have increased investments in equities. The gearing level in the Fund is monitored
closely and gearing can be significantly reduced if weak market conditions persist. The level of gearing will be reduced
going forward as the short-dated bonds we hold reach maturity over the next year or two. In general gearing affects the
Company's NAV beneficially when the value of its investments is rising, but affects it adversely in periods when the
value of investments is falling. The Company's unsecured term loans total £1.115m per Trust.


Dividend
No interim dividend has been declared for the first half of the year. Investment income has been significantly higher in
the first half of the Fund's financial year in 2008 compared to last year, expenses are lower and the Company has
received the VAT refund on investment management fees. The longer the portfolio is maintained in its current form, with
a high level of income from the bond holdings, the greater the likelihood of the Fund paying a full year dividend. The
Directors are optimistic that this will be the case.

Risk
Your Company is exposed to a number of risks which are detailed in full in the Investment Manager's Report in the Annual
Report. The key market risk arises from the uncertainty regarding the future price performance of the equities held by
your Company. If gearing is employed this risk is magnified. The Company is invested in a single industry sector. Being
invested in a single sector exposes the Fund to the risk that the Financial Sector will under perform relative to other
sectors of the market, as has been the case during this interim period.

In mitigation the specialist expertise of Blue Planet Investment Management Ltd reduces risk. Blue Planet Investment
Management Ltd believes that more knowledge equals less risk. The financials sector in which we are invested is the
largest sector of the market and constitutes approximately a quarter of the Bloomberg World Index. Banks play a crucial
and central role in free market economies; a role that will ensure the prosperity of the banking sector as a whole over
time.

The Fund is exposed to currency risk, due to the range of currencies in which investments are held. The majority of the
Company's assets are held in securities denominated in foreign currencies and movements in these currencies can
significantly affect the total return and net assets. The fund manager tracks currency movements on a daily basis and
hedging is considered on a case-by-case basis.

Blue Planet Services and Price Information Sources
Shareholders can view the Company's share price and additional information about the Fund on the website of Blue Planet
Investment Management Ltd (www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com).  To find the
Company's share price on the London Stock Exchange website go to the Home page and type "BPFU" in the "Price Search"
field.  Our share price is also published in the Financial Times.

Blue Planet Investment Advisers Ltd offers a Blue Planet Investment Trust Savings Scheme via Equiniti Financial Services
Limited (on behalf of Lloyds TSB) to enable lump sum investments or regular savings. A request form for the savings
scheme application pack is enclosed with these accounts.

Outlook
The global economic slowdown that we anticipated is well underway and global equity markets have fallen sharply. The UK
economy has headed rapidly into recession and the house price correction and burgeoning current account deficit will
further strain the UK economy. We would expect sterling to continue to weaken considerably over the next 12 months.

Increasingly banks are dividing into two groups; those investment and retail banks located in the Western economies, and
particularly the US and the UK, that are highly over-leveraged and are high risk and those banks in emerging economies
that concentrate on the normal banking business of collecting deposits and issuing loans. These banks are continuing to
grow their profits. The banking problems in Western economies have been widespread and the list of casualties in the UK
and US alone includes Northern Rock, Halifax Bank of Scotland and Bradford & Bingley in the UK and Bear Stearns, Lehman
Brothers, Fannie Mae, Freddie Mac, Washington Mutual, Wachovia and ten smaller American banks. In markets where banking
penetration is low, the banks remain robust and growth is strong. We are focusing on this latter group of banks.

However, we feel that the bank rescue measures put in place in October mark a turning point for all banks. It is a
measure of the vital role banking represents to the orderly functioning of countries and governments, that billions of
tax payers' money is being devoted to restoring confidence in Western banks. Central banks and governments have flooded
the banking system with liquidity; injected huge amounts of capital into banks and guaranteed inter-bank deposits and
bank debt. These events have dramatically reduced the amount of risk in the banking system and will kick start the
credit creation process. At the same time Central Banks have begun a programme of interest rate reductions that will
reduce the cost of capital, increase economic activity and reflate the price of financial assets. Clearly the political
will exists to tackle this problem in all the world's major economies. Whilst these measures will benefit bank share
prices worldwide, we think the real investment opportunities lie in emerging markets where medium term prospects are so
much better.

The remainder of 2008 will probably remain a testing time for banks and we expect further volatility in equity markets.
However we believe that shares in good quality banks have a great deal of upside potential from these levels and that
the central bank and government measures that are now being introduced will begin showing signs of success in the months
to come.

I would like to thank all shareholders for their continuing support in these difficult and unsettling times.




Victoria Killay
Chairman
21 November 2008





Income Statement (Unaudited)

                     For the six months ended     For the six months ended        For the year ended
                            30 September 2008       30 September 2007             31 March 2008
                 Revenue    Capital     Total    Revenue   Capital   Total     Revenue    Capital    Total
                     (£)        (£)       (£)        (£)       (£)     (£)         (£)        (£)      (£)


Capital gains/(loss)
on investment
Net realised
(losses)/gains        -   (630,061)  (630,061)        -  (589,811) (589,811)       -   (291,945) (291,945)
Unrealised            -   (927,531)  (927,531)        -   (75,219)  (75,219)       -   (519,959) (519,959)
(losses) / gains
Exchange              -    (42,865)   (42,865)        -   (15,762)  (15,762)       -    (101,922)(101,922)(losses) / gains

Net capital             (1,600,457)(1,600,457)           (680,792) (680,792)       -    (913,826)(913,826)(losses)/gains
on investment
Income from
investments     150,105          -     150,105    39,741        -    39,741  110,090           -  110,090
Bank interest    11,726          -      11,726    23,475        -    23,475   31,367           -   31,367
receivable
Gross revenue   161,831 (1,600,457)(1,438,626)    63,216 (680,792)  617,576  141,457    (913,826)(772,369)
and capital
(losses)/ gains
Administrative (14,079)      5,445     (8,634)  (44,623)  (25,783) (70,406) (82,461)     (46,746)(129,207)
expenses(note 8)
Net return before
interest payable
and taxation    147,752(1,595,012) (1,447,260)    18,593 (706,575)(687,982)   58,996    (960,572)(901,576)
Interest payable(26,868)  (26,868)    (53,736)   (20,148) (20,148) (40,296)  (42,526)   (42,526)  (85,052)

Return on
ordinary
activities
before
taxation        120,884 (1,621,880)(1,500,996)    (1,555) (726,723)(728,278)  16,470(1,003,098) (986,628)
Taxation on
ordinary
activities
(note 3)        (9,968)          -     (9,968)    (3,448)        -        -   (3,533)        -   (3,533)

Return on
ordinary
activities
after
taxation       110,916  (1,621,880)(1,510,964)    (5,003) (726,723) (731,726)  12,937(1,003,098)(990,161)

Return per
ordinary share
- basic          0.81p     (11.88)p   (11.07)p    (0.04)p   (5.33)p   (5.37)p   0.09p    (7.35)p  (7.26)p
Return per
ordinary share
- diluted        0.78p     (11.37)p   (10.59)p    (0.03)p   (4.85)p  (4..88)p   0.09p    (6.75)p  (6.66)p

The Total column of the income statement represents the profit & loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
There were no recognised gains and losses other than those disclosed above. Accordingly a statement of total recognised
gains and losses is not required.

Balance Sheet (Unaudited)

                      At 30 September        At 30 September          At 31 March
                                 2008                   2007                 2008
                                  (£)                       (£)                      (£)

Fixed assets

Equity investments          2,226,038              4,180,595            4,372,970
Non - equity investments      490,007                      -              475,626
                            2,716,045              4,180,595            4,848,596

Current assets


Debtors                       396,823                  7,515              179,864

Cash at Bank and in hand      189,426                933,680            1,140,898

Creditors: amounts falling
due within one year         (207,843)                (24,120)            (111,073)

Net current assets           378,406                  917,075            1,209,689

Total assets less
current liabilities        3,094,451                5,097,670            6,058,285

Creditors: amounts
falling due
after more than one
year  (note 6)            (1,115,000)              (1,349,391)          (2,568,640)

Net assets                  1,979,451                3,748,279            3,489,645

Capital and reserves

Called-up share capital       136,609                  136,542              136,542

Share premium account       1,179,474                1,178,688            1,178,688

Other reserves

Capital reserve
- realised                  1,779,406                2,321,916            2,525,661

Capital reserve
- unrealised               (1,326,135)                  29,610             (450,510)

Capital redemption reserve      8,450                    8,450                8,450

Warrant reserve                59,875                   60,058               60,058

Revenue reserve               141,772                   13,015               30,756

Shareholders' funds     1,979,451                3,748,279            3,489,645

Net asset value per ordinary
share - basic (note 4)         14.49p                   27.45p               25.56p

Net asset value per ordinary
share - diluted (note 4)       13.79p                   24.73p               23.13p
Statement of directors `responsibilities

The Directors confirm that this set of  condensed financial statements has been prepared in accordance with the ASB's
Statement " Half Yearly Financial Reports" and that the interim management report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8

On behalf of the Board

Victoria W Killay
Chairman
21 November 2008


Cash Flow Statement (Unaudited)

                                  For the six months   For the six months    For the year
                                               ended                ended           ended
                                   30 September 2008    30 September 2007   31 March 2008
                                                 (£)                     (£)         (£)
Operating activities
Investment income received                   141,465               35,131          91,969
Interest received                             12,653               23,289          30,439
Investment management and
administration fees paid                    (44,443)              (49,261)        (93,623)
Cash paid to and on
behalf of directors                          (3,020)               (2,200)         (3,430)
Other cash payments                         (18,993)              (25,295)        (31,858)
Net cash inflow/(outflow)
from operating
activities (note 5)                           87,662              (18,336)         (6,503)

Servicing of finance
Interest paid                                (58,208)             (37,254)        (81,031)

Taxation
Taxation recovered                                 -                  886           1,826

Capital expenditure
and financial investment
Purchase of investments                   (9,132,247)          (5,939,959)    (16,393,290)
Sale of investments                        9,647,056            6,887,590      16,446,253


Cash inflow/(outflow)
before use of
liquid resources and financing                544,263              892,927        (32,745)

Management of liquid resources
Cash withdrawn from deposit                   255,143                    -              -
Cash placed on deposit                              -             (606,482)      (241,341)

Financing
Sale/(Purchase) of treasury shares                100                                (199)
Proceeds from share issue                         670                 3,160          3,160
Repayment of Loan                          (1,572,236)             (597,939)             -
Loan advanced                                       -                     -        542,767

(Decrease) / Increase in cash                (772,060)             (308,334)       271,642












Reconciliation of Movements in Shareholders' Funds (Unaudited)


                  Share    Share      Capital      Capital     Capital  Warrant   Revenue          Total
                capital  premium   redemption     reserve-    reserve-  reserve   reserve  shareholders'
                      £           £      reserve  realised     unrealised                             funds
                                            £          £           £           £            £              £
For the six months
ended 30 September 2008

Shareholders'
funds at 1
April 2008      136,542 1,178,688       8,450   2,525,661    (450,510)    60,058    30,756     3,489,645
Proceed of
share issue          67       603           -           -            -         -        -            670
Transfer from
warrant reserve       -       183           -           -            -      (183)       -              -
Return on ordinary
activities after
taxation              -        -            -    (746,255)   (875,625)         -   110,916   (1,510,964)
Sale of
treasury shares                                                                        100          100
Shareholders'
fundsat 30
September 2008  136,609 1,179,474       8,450   1,779,406  (1,326,135)    59,875   141,772    1,979,451

For the six
months ended
30
September 2007

Shareholders'
funds
at 1
April 2007      136,226 1,175,092       8,450   2,956,042     122,207    60,810     18,018    4,476,845
Proceed of
share issue         316     2,844           -           -           -         -          -        3,160
Transfer
from warrant
reserve               -       752           -           -           -     (752)          -            -
Return on
ordinary
activities
after taxation        -         -           -    (634,126)    (92,597)       -      (5,003)   (731,726)
Shareholders'
funds at
30 September
2007             136,542 1,178,688      8,450   2,321,916       29,610   60,058     13,015   3,748,279

For the year
ended
31 March 2008

Shareholders'
funds at
1 April 2007     136,226  1,175,092     8,450   2,956,042       122,207   60,810    18,018   4,476,845
Proceed of
share issue          316      2,844         -           -             -        -         -       3,160
Transfer from
warrant reserve        -        752         -           -             -    (752)         -           -
Return on
ordinary activities
after taxation         -          -         -    (430,381)      (572,717)      -    12,937   (990,161)
Purchase of
treasury shares        -          -         -            -            -        -      (199)      (199)
Shareholders'
funds at
31 March 2008    136,542   1,178,688    8,450    2,525,661     (450,510)  60,058    30,756   3,489,645

Notes

1.      The financial statements for the six months to 30 September 2008 have been prepared on the basis of the accounting
policies set out in the Company's Annual Reports and Accounts as at 31 March 2008 in accordance with the statement on
half year financial reports issued by the ASB and applicable UK law and accounting standards.

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

3.      The taxation charge arises wholly from overseas withholding tax on investment income.

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

                              30 Sept 2008      30 Sept 2007       31 Mar 2008
Revenue return (£)            110,916           (5,003)            12,937
Capital return (£)        (1,621,880)         (726,723)       (1,003,098)
Weighted average
number of ordinary
shares in issue
during the period  - basic      13,655,738        13,633,018        13,643,369
Weighted average
number of ordinary
shares in issue
during the
period - diluted                14,263,413        14,991,359        14,860,306

At 1 April 2008 the Company had 252,430 warrants in issue.  On 31 July 2008 770 warrants were exercised leaving 251,660
warrants in issue. The 1,000 ordinary shares held in Treasury at 31 March 2008 were issued to partially satisfy the
exercise of warrants. Each warrant confers the right, exercisable normally on 31 July or, if later, 30 days after the
distribution of the annual Report and Accounts, in any one of the years from 2000 to 2010 inclusive, to subscribe for 10
new ordinary share at a price of £0.10 per share.


The net asset value per ordinary share is calculated on the 13,660,900 ordinary shares in issue at the end of the
period.  Net asset dilution arises from the potential exercise of outstanding warrants and is assumed only to take place
if the net asset value per share exceeds the exercise price of £0.10.

5.  Cash Flow Statement
Reconciliation of net
revenue return to netcash
inflow from operating
activities                    30 Sept 2008    30 Sept 2007    31 Mar 2008
                                         £          £         £
Net return before interest
payable and taxation               147,752          18,593         58.996
Administrative expenses
charged to Capital                   5,445        (25,783)       (46,746)
(Increase) in other debtors        (50,163)        (5,583)       (14,725)
(Decrease) in other creditors       (5,196)        (2,117)          (495)
Tax suffered on investment income  (10,176)        (3,449)        (3,533)
Net cash inflow/(outflow)
from operating activities            87,662       (18,336)        (6,503)

Reconciliation of net
cash flow to movement in net debt         30 Sept 2008    30 Sept 2007     31 Mar 2008
                                                     £                  £                  £
(Decrease)/Increase in cash balances         (772,060)       (308,334)         271,642
Cash withdrawn from deposit                  (255,143)               -               -
Cash placed on deposit                              -          606,482         241,341
Repayment of loan                            1,572,236         597,939               -
Loan advanced                                       -                -        (542,767)
Changes in net debt
resulting from cash flows                      545,033         896,087         (29,784)
Exchange differences                          (42,865)        (15,762)        (101,922)
Movement in net debt in the period             502,168         880,325        (131,706)

6.  The loans are subject to a covenant which sets a maximum gearing threshold.  Details of the loans outstanding at 30
September 2008 were as follows:

                                 Amount (£)        Interest Rate (%)       Repayment Date
Sterling Loan                       750,000                  5.99       23 January 2012
Sterling Loan                       365,000                  6.15       23 January 2012

7.  At 30 September 2008 the Company had authority to buy back 2,048,000 of its own shares in accordance with the
authority granted at the Annual General Meeting on 5 August 2008.  No shares were bought back during the period under
review.

8.  In June 2007 European Court of Justice decided in their favour an appeal by J P Morgan Claverhouse Trust Plc and the
AIC against a VAT Tribunal ruling that VAT must be charged on investment management services. As a result the Trust
should in due course recover approximately £60,000 of VAT paid on investment management fees over the last 10 years plus
interest. £48,000 has been agreed with HMRC and has been recognised in the current period. The balance has not been
recognised at the period end as the requirements of FRS 12 have not been fully met at this stage .There were no
contingent liabilities or uncalled liabilities at 30 September 2008 (2007 - nil).

9.  The figures and financial information for the year ended 31 March 2008 are extracted from the latest published
accounts of the Company and do not constitute statutory accounts for the period as defined in section 240 of the
Companies Act 1985.  Those accounts have been delivered to the Registrar of Companies and include the report of the
auditors which was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies
Act 1985.



Portfolio Information
At 30 September 2008

                                               Valuation        % of Portfolio
            Equities
  8,990     BP Global Financials-A Class         445,946        16.4
861,613     URSA Bank                            198,400        7.3
 22,000     Axis Bank Ltd (P-Notes)              189,547        7.0
118,706     Bank Millennium SA                   167,314        6.2
 47,389     Bank Of India (P-Notes)              159,972        5.9
 61,597     Federal Bank Ltd (P-Notes)           146,417        5.4
 11,518     Piraeus Bank S.A.                    132,103        4.9
  8,360     Bank Vozrozhdenie                    117,380        4.3
 33,500     LIC Housing Finance - P Notes        114,670        4.2
  3,765     Erste Group Bank AG                  102,594        3.8
 56,924     Power Finance Corp - P Notes          84,572        3.1
  8,110     EFG Eurobank Ergsias                  81,469        3.0
 70,000     Sberbank                              67,620        2.5
  3,015     National Bank of Greece S.A.          66,775        2.5
 53,180     South Indian Bank (P-Notes)           63,587        2.3
  8,156     Bank of Cyprus Ltd                    35,611        1.3
571,597     Raiffeisen Bank Aval                  26,690        1.0
  6,500     Halyk Savings Bank GDR                25,371        0.9
                                               2,226,038        82.0

            Debt
5,307,000   Rusfinans Bank 7.55% Bonds 05/09     111,851        4.1
4,900,000   DAL Capital (Rosbank) 8% Bonds 09/09 102,897        3.7
4,120,000   Eurokommerz 11.5% Bonds 12/09         89,089        3.3
3,637,000   Transcreditbank 7.29% Bonds 06/10     75,459        2.8
3,827,000   Bank Kedr 12.30% Bonds 09/09          75,421        2.8
45,000      Renaissance Securities
            8.75% Bonds 11/09                     24,357        0.9
26,000      PSB Finance (Promsvyazbank)
            9.58% Bonds 05/12                     10,933        0.4
                490,007 18.0
            Total                              2,716,045        100.0

            Geographical Regions
            Russia                               873,408        32.1
            India                                758,765        27.9
            Eire                                 445,946        16.4
            Greece                               280,346        10.4
            Poland                               167,314        6.2
            Austria                              102,594        3.8
            Cyprus                                35,611        1.3
            Ukraine                               26,690        1.0
            Kazakhstan                            25,371        0.9
            Total                              2,716,045        100.0



For more information, please visit www.bpia.eu. You can also contact the Company on 0131 466 6666 or by emailing
[e-mail].

END