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 2007

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)               Greenside House
Dr Michael Shea (Non-Executive)              25 Greenside Place
Edinburgh EH1 3AA
Telephone No: [phone]
Facsimile No: + 44 131 466 6677
e-mail: [e-mail]
www.blueplanet.eu

Secretary and Registered Office              Registrars
Blue Planet Investment Management 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. [phone]
e-mail: [e-mail]                   e-mail: [e-mail]
www.blueplanet.eu                            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 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
The investment policy of the Company is to invest in securities (as defined by the Financial Services & Markets Act
2000), including shares and bonds, issued by financial companies located anywhere in the World.

Investment Objective
The investment objective of the Company is to produce a total return greater then the Bloomberg World Financials Index.


Financial Record             Six months ended     Six months ended     Year ended
                            30 September 2007    30 September 2006  31 March 2007
Shareholders' funds (£'000)                3,748                3,814          4,477
Net asset value per share (p)#          27.45                28.00          32.86
Share price (p) (Bid)#                   18.5                 17.6           23.0
Discount (%)                             32.6                 37.1           30.0
Gearing (%)*                             11.1                 47.4           28.9


Revenue available for shareholders
(£'000)#                                 (5)                   42              0
Revenue return per share (p)#          (0.04)                 0.31           0.00
Total return per share (p)#            (5.37)               (0.70)           4.18
Total return on BBG World financial
Index (%)                                  1%              (0.58%)         (1.0%)

* Net debt as a percentage of shareholders' funds
# Comparative per share data has been adjusted to reflect the 10 for 1 share split approved by shareholders on 2 August
2006. See note 4 on page 13.


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 an Edinburgh 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, FTSEurofirst 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.

Blue Planet Investment Management Ltd is the investment manager of the company and receives an annual fee of 1.50% per
annum of the total assets of the company which is paid monthly. Blue Planet Investment Management Ltd. also receives
£7,500 per annum in respect of administration and secretarial services.

In addition to Blue Planet Financials Growth & Income Investment Trusts Nos. 1-10, Blue Planet Investment Management Ltd
also manages the Blue Planet Worldwide Financials Investment Trust plc, the Blue Planet European Financials Investment
Trust plc and the Blue Planet Global Financials Fund.  Details of Blue Planet's Savings Plan, investment trusts and
other products can be found on its website, www.blueplanet.eu. Alternatively, they may be obtained from Blue Planet
Investment Management 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 past year has been an erratic one in the stock markets. A year ago the share price of your Fund's Share Unit was
176.0p per share. We ended this interim period with a Share Unit price of 185.0p, a rise of 5.1% over the year. However
over the six month period the share price has fallen by 19.6%. The Fund's share price total return over three years is
102.4%.

The net asset value ("NAV") of your Fund has fallen 2.0% for the year to 30th September 2007, compared to its benchmark
index total return of 6.0%. For the six month period the NAV has fallen 16.5%, where the benchmark has risen by 1.0%.
This is due to our positioning ourselves for a bear market while stocks continued to rise. The Fund's NAV per Unit
reached a value of 373.6p towards the end of February 2007, prior to the Fund's financial year end in March. A sharp
sell-off occurred in the markets at the end of February and the start of March 2007. The gearing in your Fund had been
reduced in anticipation of problems in the market due to the climate of rising interest rates and early warning signs of
problems in the property and unsecured lending sectors in the US and the UK, however this did not stop the correction
from having an adverse affect on your Fund's NAV and share price. It remained positioned for a downturn in the markets
as we anticipated that the US sub-prime problem would filter through to the mainstream economy. However, markets rose,
which meant your Fund, to a large extent, missed out on the recovery that took place through April, May and June, but
was hit by the very sharp correction, that impacted financial stocks in particular, in July and August.


Portfolio
Figure 1 shows the geographic movements of the portfolio over the six month interim reporting period. We ended the
period with a concentrated portfolio of strongly performing banks. They are all producing excellent results. The banks
which report interim results have now issued first half of 2007 statements and across our holdings on average net income
at the banks increased 59% at the end of the first half of 2007 compared to a year ago. All have indicated that they
have good prospects for the remainder of 2007.

With regards to geographic distribution, we continue to have a sizeable proportion of the fund invested in Central and
Eastern Europe. Our two key markets in this region at the end of the interim period were Russia and Poland. The
Investment Manager visited Russia most recently in July 2007 and met with a number of banks. These banks all reported
that business was booming. Most banks are focusing on the very rapid growth in retail banking. In 2006 corporate lending
was growing at a rate of 30% per annum and retail loans at 80%. The macroeconomic background in Russia remains strong.
It has a large and very asset rich land mass, commodity prices are high, it has huge foreign exchange reserves, and
there has been a significant increase in real household income. At the end of the interim period we held investments in
four Russian banks.

The Company reduced the number of investments in Poland during 2007. The economic conditions remain very strong.
Poland's GDP growth was 6.1% in 2006 and in the first half of 2007 growth stood at 6.7% year-on-year. This means that
GDP growth is expected to exceed this year's target of 6.0% growth. It is being driven by strong domestic demand and
rising business confidence. However, to reduce gearing in the Fund profits were taken in Bank Przemyslowo-Handlowy and
the size of the holding in Bank Zachodni, was reduced. At the end of the interim period we remained invested in Bank
Millenium.

Your Company continued to invest in South Eastern Europe. The existing investment in Greece remains in place, although
it has been reduced in size to help cut the Fund's overall gearing. The investment in Bank of Cyprus was sold.  Greece
had GDP growth in 2006 of approximately 4% and a banking sector that is expanding rapidly.

A small investment was made in India during the period, following an investment research trip to the country. India has
significant growth potential. In April 2007 the Reserve Bank of India forecast GDP growth of 8.5% for 2007. Indian banks
are growing at a fast pace. Results for the period April to June 2007 showed the largest 30 banks in India saw a 41%
growth in profits year-on-year. We believe that India will present a number of excellent long-term investment
opportunities, and an initial investment has been made in Federal Bank.

Your Fund sold out of its investments in Brazil and Denmark. These holdings were in the portfolio at the Company's last
year end, but were already in the process of being sold down.

A number of the investments in place at the end of this interim period are designed to shield the portfolio against
stock market falls. The investments in the UK are in money market liquidity funds. These mutual funds provide a good
rate of income and the short-term debt paper they are invested in provides a safe-haven for cash in the current market
conditions. The Fund remains invested in Blue Planet's Global Financials Fund, listed in Dublin, although the size of
the holding was reduced at the end of August 2007. A key motivation for this investment is protection against falling
stock markets. The investment classified as a "European" investment is a Future contract on the DJ Eurostoxx index. This
is being used as a hedge.



Warrants
The bid price of our Warrant units fell by 26.6% to 1200p over the six months to 30th September 2007. Over the full year
the Warrant units' bid price has increased by 25.0%.

Following the 10 for 1 share split in August 2006, each warrant unit now 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 11.1% compared to gearing of 28.9% at the end of March 2007.  The gearing
level in the Fund is monitored closely and gearing can be significantly reduced if weak market conditions are
anticipated, as is currently the case. A small amount of gearing remains due to the cost of shutting down all of the
Fund's loan facilities. Generally gearing beneficially affects the Company's NAV when the value of its investments is
rising, but adversely affects it in periods when the value of investments is falling. In the erratic market conditions
over the past six months the gearing level has averaged approximately 16% through the period. The Company's unsecured
term loans total £3.25m. This is a significant increase from the £1.925m loan facility in place at the end of the last
period. The undrawn portion of the loans remain available to be utilised at any time when the Manager believes that the
markets have settled down and it is time to increase investments again.



Dividend
No interim dividend has been declared for the first half of the year. Investment income has been low for the first half
of the Fund's financial year, largely due to the selling down of investments to remove gearing from the Fund. This year
the considerably reduced revenue income for the first half of the year, combined with quite a modest forecast for
dividend income in the second half of the year, means that at the present time it seems unlikely that it will be
possible to pay a full year dividend.



Risk
Your Company is exposed to a number of risks which are detailed in full 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 regular 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 Management offers a Blue Planet Saving Plan via Lloyds TSB (to be renamed Equiniti) to enable
lump sum investments or regular savings. A request form for the savings plan application pack is enclosed with these
accounts. Blue Planet has also arranged a stock -market dealing service via Stocktrade.


Outlook
We aim to anticipate movements in stock markets at all times and we believe we are now in a bear market. We expect the
US economy to go into recession in 2008 and global equity markets to fall. Hence we have locked in profits we have made
in recent years, by selectively selling investments. At the end of the period we had 58% of the total portfolio plus
cash in equities. The remainder is in sterling liquidity funds or held as cash.

The liquidity and bad debt problems and the associated slowdown in the US will affect share prices globally, despite the
sharp rise in profitability of many banks. The third quarter 2007 results that are now being issued by banks worldwide
show a wide divergence in performance for this accounting period. Results range from large losses brought about by
massive writedowns due to exposure to the US subprime problem, to continued strong profit growth in retail banks in
expanding economies.

Whilst the immediate prospects are for further volatility, over time we expect markets to settle down and we are
confident that the share prices of our portfolio of dynamically growing retail banks in strong economies, none of which,
to the best of our knowledge, have any exposure to the US sub-prime issues, will gain rapidly as their earnings momentum
is appreciated. Banks around the world continued to produce record profits and increased profitability for the fourth
successive year in 2006. Aggregate pre-tax profits for the top 1000 banks in 2006 rose almost 22% to reach $786bn, more
than three times the $223bn aggregate profits in 2002. The banks we are invested in increased profits (post-tax) by
close to three times last year's average in the first half of 2007. We intend to use our loans and cash reserves to
re-enter the market once the correction has taken place. The further the stock markets fall the greater the opportunity
for us. Consequently we look forward to the future with great confidence and anticipation.

I would like to thank all shareholders for their continuing support.




Victoria Killay
Chairman
21 November 2007




Income Statement (Unaudited)

                            For the six months ended   For the six months ended  For the year ended
                                   30 September 2007          30 September 2006       31 March 2007

                           Revenue  Capital  Total   Revenue   Capital  Total  Revenue  Capital  Total
                              (£)      (£)    (£)        (£)      (£)    (£)      (£)      (£)    (£)
Capital gains/(loss) on
investment
Net realised (losses)
/gains                        -  (589,811)(589,811)       -  293,367  293,367     -  2,247,192  2,247,192
Unrealised (losses)/gains     -   (75,219) (75,219)       - (321,791)(321,791)    - (1,480,561)(1,480,561)
Exchange (losses)/gains       -   (15,762) (15,762)       -  (59,773) (59,773)    -   ( 98,697)   (98,697)

Net capital gains
on investment                 -  (680,792)(680,792)       -  (88,197) (88,197)    -    667,934    667,934
Income from investments   39,741       -    39,741  123,063        -  123,063 147,686       -     147,686
Bank interest receivable  23,475       -    23,475    3,353        -    3,353   5,889       -       5,889

Gross revenue and
capital gains             63,216 (680,792) 617,576  126,416  (88,197)  38,219 153,575  667,934    821,509
Administrative expenses  (44,623) (25,783) (70,406) (42,879) (23,269) (66,148)(86,228) (50,599)   (136,827)

Net return before interest
payable and taxation      18,593 (706,575)(687,982)  83,537 (111,466)(27,929) 67,347  617,335     684,682
Interest payable         (20,148) (20,148) (40,296) (25,200) (25,200)(50,400)(48,392)( 48,392)    (96,658)

Return on ordinary
activities before
taxation                  (1,555)(726,723)(728,278)  58,337 (136,666)(78,329) 19,018  569,006     588,024
Taxation on ordinary
activities (note 3)       (3,448)       -         - (16,260)       - (16,260)(19,420)       -     (19,420)

Return on ordinary
activities after
taxation                  (5,003)(726,723)(731,726)  42,077 (136,666)(94,589)   (402) 569,006     568,604

Return per ordinary
share - basic             (0.04p)  (5.33p)  (5.37p)   0.31p   (1.01p) (0.70p)   0.00     4.18p      4.18p
Return per ordinary
share - diluted           (0.03p)  (4.85p)  (4.88p)   0.29p   (0.93p) (0.64p)   0.00     3.82p      3.82p

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.
Comparative per share data has been adjusted to reflect the 10 for 1 share split approved by shareholders on 2 August
2006.

Balance Sheet (Unaudited)
                                At 30 September  At 30 September  At 31 March
                                           2007            2006          2007
                                            (£)                (£)           (£)

Fixed assets

Equity investments                   4,180,595        5,642,251     4,466,668

Current assets

Debtors                                  7,515           10,951     1,329,402

Cash at Bank and in hand               933,680           97,625       628,964

Creditors: amounts falling
due within one year                   (24,120)          (33,022)     (23,189)

Net current assets                    917,075            75,554     1,935,177

Total assets less
current liabilities                 5,097,670         5,717,805     6,401,845

Creditors: amounts falling due
after more than one year  (note 6) (1,349,391)       (1,904,153)  (1,925,000)

Net assets                          3,748,279          3,813,652    4,476,845

Capital and reserves

Called-up share capital               136,542            136,226      136,226

Share premium account               1,178,688          1,175,092    1,175,092

Other reserves

Capital reserve - realised          2,321,916          1,073,496    2,956,042

Capital reserve - unrealised           29,610          1,299,081      122,207

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

Warrant reserve                        60,058             60,810        60,810

Revenue reserve                        13,015             60,497        18,018

Shareholders' funds             3,748,279          3,813,652     4,476,845

Net asset value per
ordinary share - basic (note 4)         27.45             28.00p        32.86p

Net asset value per
ordinary share - diluted (note 4)       24.73             25.15p        29.25

Comparative per share data has been adjusted to reflect the 10 for 1 share split
approved by shareholders on 2 August 2006.


On behalf of the Board
Victoria W Killay
Chairman
21 November 2007


Cash Flow Statement
(Unaudited)
                       For the six months    For the six months    For the year
                                    ended                 ended           ended
                        30 September 2007     30 September 2006   31 March 2007
                                      (£)              (£)                (£)
Operating activities
Investment income received         35,131               110,657         132,534
Interest received                  23,289                 3,340           5,889
Investment management
and administration fees paid     (49,261)               (32,550)        (90,283)
Cash paid to and on
behalf of directors               (2,200)                (2,620)         (4,820)
Other cash payments              (25,295)               (20,621)        (38,337)
Net cash (outflow)/inflow
from operating
activities (note 5)              (18,336)                58,206           4,983

Servicing of finance
Interest paid                    (37,254)               (50,293)        (95,450)

Taxation
Taxation recovered                   886                   2,571           3,819

Capital expenditure and
financial investment
Purchase of investments       (5,939,959)             (1,820,568)    (6,459,693)
Sale of investments             6,887,590               1,873,514      7,159,187


Cash outflow before use of
liquid resources and financing   892,927                   63,430        612,846

Management of liquid resources
Cash placed on deposit          (606,482)                 (34,938)             -

Financing
Net proceeds from share issue       3,160                   4,130          4,130
Repayment of Loan               (597,939)                       -              -
Loan advanced                          -                        -        (18,278)

Increase / (Decrease) in cash   (308,334)                  32,622         598,698





Reconciliation of Movements in Shareholders' Funds (Unaudited)


                    Share    Share     Capital   Capital     Capital    Warrant    Revenue        Total
                   capital  premium   redemption  reserve-   reserve-    reserve   reserve shareholders'
                                                  realised  unrealised                            funds
                         £       £           £           £           £         £         £            £
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 six months
ended 30 September 2006

Shareholders' funds
at 1 April 2006   135,850   1,170,956   8,450     906,475    1,602,768   61,920     17,692   3,904,111
Proceed of
share issue           376       3,476       -           -            -        -        728       4,580
Expense of share issue  -       (450)       -           -            -        -          -       (450)
Transfer from
warrant reserve         -       1,110       -           -            -   (1,110)         -          -
Return on ordinary
activities
after taxation          -           -       -      167,021   (303,687)        -     42,077    (94,589)
Shareholders' funds
at 30 September
2006               136,226   1,175,092  8,450    1,073,496   1,299,081    60,810    60,497   3,813,652

For the year ended
31 March 2007

Shareholders' funds
at 1 April 2006    135,850   1,170,956  8,450   906,475      1,602,768    61,920    17,692   3,904,111
Proceed of share issue 376       3,476      -         -              -        -        728       4,580
Expense of share issue   -        (450)     -         -              -        -          -       (450)
Transfer from
warrant reserve          -       1,110      -         -              -   (1,110)         -          -
Return on ordinary
activities after
taxation                 -           -     -  2,049,567     (1,480,561)       -       (402)    568,604
Shareholders' funds
at 31 March 2007    136,226   1,175,092  8,450 2,956,042       122,207    60,810     18,018   4,476,845


Notes

1.      The financial statements for the six months to 30 September 2007 have been prepared on the basis of the accounting
policies set out in the Company's Annual Reports and Accounts as at 31 March 2007 in accordance with the statement on
interim financial reporting issued by the ASB and applicable to 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 2007    30 Sept 2006    31 Mar 2007
Revenue return (£)                      (5,003)          42,077          (402)
Capital return (£)                    (726,723)       (136,666)       569,006
Weighted average number
of ordinary shares in issue
during the period  - basic                13,633,018      13,592,151     13,607,375
Weighted average
number of ordinary shares in issue
during the period - diluted               14,991,359      14,622,494     14,880,840

At the Annual General Meeting on 2 August 2006 shareholders approved the subdivision of the Companies ordinary shares by
way of a ten for one share split such that the 1,362,260 existing ordinary shares of 10p each were divided into
13,622,600 new ordinary shares of 1p each.  Comparative per share data in this interim report has been adjusted to
reflect this split.

At 1 April 2007 the Company had 255,590 warrants in issue.  On 31 July 2007 3,160 warrants were exercised leaving
252,430 warrants in issue.

After the approval of the subdivision on 2 August 2006, each warrant now confers the right, exercisable normally on 31
July in any of the years from 2007 to 2010 inclusive, to subscribe for ten new ordinary shares at a price of 10p per
share.  The net asset value per ordinary share is calculated on the 13,654,200 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                       30 Sept 2007    30 Sept 2006  31 Mar 2007
Reconciliation of net                                £               £            £
revenue return to net cash inflow
from operating activities£

Net return before interest
payable and taxation                            18,593          83,537       67,347
Administrative expenses charged to Capital     (25,783)       (23,269)     (50,599)
Decrease/(increase) in other debtors            (5,583)            725        4,814
Increase/(decrease) in other creditors          (2,117)         14,448        3,515
Tax suffered on investment income               (3,449)       (17,235)     (20,094)
Net cash (outflow)/inflow from
operating activities                           (18,336)         58,206        4,983

Reconciliation of net cash flow         30 Sept 2007  30 Sept 2006   31 Mar 2007
to movement in net debt                            £             £             £


Increase in cash balances                  (308,334)        32,622       598,698
Cash placed on deposit                       606,482        34,938             -
Repayment of loan                            597,939             -             -
Loan advanced                                      -             -        18,278
Changes in net debt
resulting from cash flows                    896,087        67,560       616,976
Exchange differences                        (15,762)      (59,773)       (98,697)
Movement in net debt in the
period to 30 September 2007                  880,325        7,787        518,279

6.  The loans are subject to a covenant which sets a maximum gearing threshold.  Details of the loans outstanding at 30
September 2007 were as follows:

                                   Amount (£)      Interest Rate (%)        Repayment Date
Sterling Loan                         750,000             6.75523       23 January 2012
Euro Loan                             599,391             4.86000       23 January 2012

7.      At 30 September 2007 the Company had authority to buy back 2,000,000 of its own shares in accordance with the
authority granted at the Annual General Meeting on 31 July 2007.  No shares were bought back during the period under
review.

 8.     The figures and financial information for the year ended 31 March 2007 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 2007
                                      Valuation (£)  % of portfolio
Equities
861613   URSA Bank                          808,058            19.3
600000   Abbey Sterling Liquidity Fund      600,000            14.4
600000   Morley Sterling Liquidity Fund     600,000            14.4
9798.882 BP Global Financials - A Class     520,858            12.4
217469   Bank Millennium SA                 472,809            11.3
583197   Bank VTB North-West                464,336            11.1
9763     Bank Zachodni WBK SA               454,846            10.9
8442     Piraeus Bank S.A.                  147,095             3.5
2479     Bank Vozrozhdenie                   64,783             1.6
12682    Federal Bank Ltd - IPC              57,958             1.4
5201492  Ural-Siberian Bank                  56,150             1.3
62       DJ Eurostoxx 50 Future Dec07       -66,297            -1.6

Total                                     4,180,595           100.0

Geographical Regions

Russia             1,393,326     33.3
United Kingdom     1,200,000     28.7
Poland               927,655     22.2
Ireland              520,858     12.5
Greece               147,095      3.5
India                 57,958      1.4
Europe               -66,297     -1.6

Total              4,180,595    100.0



The above figures relate to the No. 1 Trust but all 10 Trusts are identical.  A unit comprises ten shares, one share in
each of the Blue Planet Financials Growth & Income Investment Trusts Nos 1-10.

For more information, please visit www.blueplanet.eu

You can also contact the Company on 0131 466 6666 or by emailing [e-mail]

END