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iimia INVESTMENT TRUST PLC

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					iimia INVESTMENT TRUST PLC
Half Yearly Report for the Period Ended 31 October 2009


Investment Objective and Policy

iimia Investment Trust PLC (the Company) is an investment trust which was launched on 6 April 2004.

Under the Articles of Association, the Company renewed its life for a further three years at the Annual General Meeting
held on 21 September 2009. The Articles of Association provide for the continued life of the Company to be proposed at
every third Annual General Meeting.

Investment Objective
The objective of the Company is to outperform 3 month LIBOR plus 2% over the longer term, principally through
exploiting inefficiencies in the pricing of closed-end funds. This objective is intended to reflect the Company’s aim of
providing a better return to shareholders over the longer term than they would get by merely placing money on deposit.

The benchmark in the investment objective is a target only and should not be treated as a guarantee of performance of
the Company or its portfolio.

Investment Policy
The Company invests in closed-end investment funds listed on the Official List of the London Stock Exchange, but has
the flexibility to invest in investment funds listed or dealt on other recognised stock exchanges, in unlisted closed-end
funds (including, but not limited to, funds traded on AIM) and in open-ended investment funds. The funds in which the
Company invests may include all types of investment trusts, companies and funds established onshore or offshore. The
Company has the flexibility to invest in any class of security issued by investment funds including, without limitation,
equity, debt, warrants or other convertible security. In addition, the Company may invest in other securities, such as non-
investment fund debt, if deemed to be appropriate to produce the desired returns to shareholders.

The Company is unrestricted in the number of funds it holds. However, at the time of acquisition, no investment will have
an aggregated value totalling more than 15% of the gross assets of the Company. Furthermore, the Company will not
invest more than 10%, in aggregate, of the value of its gross assets at the time of acquisition in other listed closed-end
investment funds, although this restriction does not apply to investments in any such funds which themselves have stated
investment policies to invest no more than 15% of their gross assets in other listed closed-end investment funds. In
addition, the Company will not invest more than 25%, in aggregate, of the value of its gross assets at the time of
acquisition in open-ended funds.

There are no prescriptive limits on allocation of assets in terms of asset class or geography, save that, in order to
maintain classification within the AIC Global Growth sector, no more than 80% of the Company’s gross assets can be
held in any one geographical region.

There are no limits imposed on the size of hedging contracts. However, their aggregated value will not exceed 20% of the
portfolio’s gross assets at the time they are entered into.

The Board permits short term borrowings of up to 20% of the Company’s net asset value (measured at the time new
borrowings are incurred).

The Company’s investment objective may lead, on occasions, to a significant amount of cash or near cash being held.

Capital Structure
The Company’s share capital consists of Ordinary shares of 1p each.
The number of shares in issue as at 31 October 2009 was 25,279,985, none of which were held in Treasury. There has
been no change in the number of shares in issue since 31 October 2009.

Risk Management
The Company’s risk management process aims to mitigate undesirable risk. However, it is important to note that the
systems in place act only to highlight areas of risk and cannot eliminate the risk of failure to achieve the Company’s
objectives. The management of risk cannot provide assurance against misstatement or material loss.

The principle risks identified are as follows:
Asset Allocation
The Company is a fund of funds and seeks to diversify the portfolio through investment in a wide range of asset classes,
industrial sectors, currencies and geographical regions. The Company will not invest in physical commodities.

Asset allocation is monitored on a look-through basis for all underlying funds. Resulting analysis is considered as part of
the stock selection process.

Correlation and Number of Funds Held
The Manager recognises that funds of funds are naturally more diverse than a fund of individual equities; thus, they suffer
from the danger that over-diversification will lead to an investment trust, contrary to its objectives, tracking a world equity
market.

Correlation between the Company, its sector and appropriate world equity indices is monitored and analysed as part of
the stock selection process.

Hedging
The Manager may employ hedging techniques to isolate the risks associated with specific investments or markets. For
example, the Manager may wish to invest in an overseas fund which it believes will outperform its benchmark index and
that the fund’s discount will narrow, but that the currency and market risk exposure are undesirable. In this instance the
Manager may seek to isolate these risks through the use of futures, options or contracts for difference. The Company will
not enter into derivative contracts for speculative purposes.

Gearing
Gearing of the portfolio aims to enhance returns through investment of borrowed funds.

Underlying funds may also be geared; this is taken into account during the stock selection process.

Gearing of both the Company's portfolio and the underlying funds is monitored.

Discount Risk
The Company aims to maximise on the opportunities that exist due to inefficiencies in the pricing of closed-end funds.
Purchasing stocks that are trading at a discount can result in significant gains on the upside, but can also result in
increased losses during downside periods. The actual discount, discount volatility and discount management policy of
underlying holdings is monitored and analysed alongside market trend indicators. Results are considered as part of the
stock selection process.

Investment in open-ended funds reduces the overall discount risk of the portfolio. This also allows exposure to sectors in
which growth is expected but discount risk is high, or sectors in which closed-end funds are under-represented.

Manager Risk
The Company seeks to minimise manager risk through regular meetings with the management teams of underlying
holdings. Thorough research is undertaken on the investment strategy, ethical and personal approach of all managers
involved with funds prior to their inclusion within the Company’s portfolio.

Liquidity
Market and asset specific liquidity can pose significant risk to the Company, particularly in difficult market conditions.
Volume and price based trade measures are monitored for underlying assets and every effort is made to ensure that a
proportion of the Company’s assets are invested in readily realisable funds.

Graphical Evidence, Market Sentiment Indicators and Technical Charts
The Manager has access to a wide range of research, both external and internal. Consideration of trend indicators,
technical charts and graphical evidence aids the Manager in the application of their knowledge and experience in
selecting stocks and assessing the overall risk of specific and collective investments.

Review of the Period
Over the period, the Company’s net asset value increased by 26.1% and the share price increased by 33.2% (capital
return).
During the period the shares traded between a 6.3% and a 14.4% discount, ending the period on a 7.0% discount
(source: Bloomberg).

The Company had short term borrowings of £3.75m, approximately 12.3% of the net assets as at 31 October 2009.

Total Return Performance to 31 October 2009

                                                         6 month %      1 Year %     Since Launch %
Net Asset Value***                                             26.1         34.1                 24.1
Share price (mid)*                                             33.2         39.4                 12.3
MSCI World Index in Sterling*                                  12.8         16.8                 30.5
FTSE All-Share Index*                                          21.4         24.0                 43.2
Sterling 3 Month LIBOR +2%**                                    1.7           5.6                37.3

Sources: *Bloomberg. Net income reinvested GBP. **Miton Asset Management Limited (Sterling 3 Month LIBOR + 2% at
the beginning of the accounting period). ***Based on initial NAV of 97.33p (after launch expenses).

Directorate Change

The Company announces that Mr Nick Hodgson retired as a non-executive Director of the Company with effect from 9
December 2009 due to work commitments. The Board has expressed its appreciation of Mr Hodgson’s valuable
contribution since the launch of the Company in 2004.

A new non-executive Director will be appointed in due course.

General Information
                                                                         31/10/09     30/04/09
Share Price                                                                112.25p       84.25p
Net Asset Value per Share (including revenue reserves)                     120.74p       95.78p
Net Asset Value per share (excluding all revenue reserves)                 120.80p       95.99p
Discount                                                                     7.03%      12.04%
Net Assets (after deduction of borrowings)                                £30.52m      £24.21m
Total Borrowings                                                            £3.75m      £3.75m

Risks
The following risks are monitored and assessed by the Manager’s and are reported regularly to the Board and the Audit
Committee:

Market Risk – the market price of the Company’s investments is subject to fluctuations.

Discount Volatility Risk – the discount of the Company’s share price to the NAV may fluctuate.

Currency Risk – investments are subject to movements in exchange rates.

Liquidity Risk – it may not be possible to sell funds if there are no buyers.

Regulatory Risk – the Company may breach the Companies Act regulations or the FSA/Stock Exchange rules.

Compliance with Section 842 of the Income and Corporation Taxes Act 1988 (ICTA) – A breach of ICTA could result in
the Company losing its status as an investment trust company and becoming subject to capital gains tax.

Gearing Risk – a breach of the loan covenants may lead to the Company’s funding under the revolving credit facility being
reduced or withdrawn.

The Directors do not envisage that there will be any specific risks over and above those previously set out in the 2009
annual report.
Discount Management
The Board has a discount management policy of buying back its own shares with the aim of keeping the discount at or
below 3%. In the current market that has been very difficult to achieve and the Board believes there is a delicate balance
to be struck between maintaining a “hard” maximum level of discount to protect exiting shareholders and efficient
management of the portfolio in the interests of our longer term investors. No shares were bought back during the period.
The Manager and the Company’s Broker have been, and will continue to be, pro-active in identifying new buyers with a
view to narrowing the discount from the current level of 10.1%.

Related Parties
The Company’s main functions have been subcontracted to a number of service providers, each engaged under separate
legal arrangements. The management of the Company’s assets is delegated to Miton Asset Management Limited. The
Management Engagement Committee, which comprises all the independent non-executive Directors and meets at least
once a year, reviews the performance of the Investment Manager, the Company Secretary, the Custodian and the
Registrar.

The basic investment management fee is calculated at the annual rate of 0.5% of the adjusted market capitalisation of the
Company on the last business day of each calendar month. The basic management fee accrues daily and is payable in
arrears in respect of each calendar month. For the purpose of calculating the basic fee, the ‘adjusted market
capitalisation’ of the Company is defined as the average daily mid market price for an Ordinary share adding back any
dividends per share yet to have gone ex-div in the relevant month, multiplied by the number of Ordinary shares in issue,
excluding those held by the Company in Treasury, on the last business day of the relevant month.

The Manager is also entitled to a performance fee of 15% of the growth of the Company’s net asset value per Ordinary
share in excess of a hurdle of 3 month LIBOR plus 2%, but only if the share price has also increased over the relevant
period. The amount of any performance fee in a performance period will not exceed 2% of the Company’s gross assets,
but any excess performance fee over this cap may be carried forward up to 3 years to the extent that in a subsequent
calculation period a performance fee is payable, but does not reach the cap for that period.

The performance fee per share is calculated based on the time weighted average number of shares in issue during the
calculation period. Calculation periods correspond to the Company’s accounting periods. The performance fee accrues
monthly. The high water mark required for a performance fee to become payable is 189.99p per Ordinary share, the net
asset value as at the half year end was 120.74p and the most recent net asset value released to the London Stock
Exchange as at 18 December 2009 was 123.13p per Ordinary share.


Responsibility Statement
The Directors confirm that to the best of their knowledge:

• the condensed set of financial statements has been prepared in accordance with the Statement on Half-Yearly Financial
  Reports issued by the UK Accounting Standards Board;

• the interim management report includes a fair review of the information required by:

(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred
    during the first six months of the financial year and their impact on the condensed set of financial statements, and a
    description of the principal risks and uncertainties for the remaining six months of the year; and

(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related-party transactions that have taken place in the
    first six months of the current financial year and that have materially affected the financial position or performance of
    the Company during the period, and any changes in the related-party transactions described in the last annual report
    that could do so.


Anthony Townsend
Chairman
23 December 2009
MANAGER’S HALF YEARLY REPORT
For the period ending 31 October 2009

Investment and Outlook

Global markets continued their recovery following the turmoil of the second half of 2008; however sterling strength meant
that the period was a tough time for UK based funds operating on a global basis such as the iimia Investment Trust.
During the period under review our net asset value rose from 95.78p as at 30 April to 120.74p on 31 October, a gain of
26.1%, by comparison the MSCI World index expressed in sterling rallied by 12.8%. The progress of the pound is not an
endorsement of the strength of the United Kingdom’s economy but reflects a resurgence of the carry trade, however,
unlike last year most currencies carry only nominal funding costs and, therefore, borrowers are opting for the most liquid
options, principally the US dollar, to fund their portfolios rather than the yen or the euro as was the case last year.

Central banks are determined to avoid a deflationary cycle and are providing substantial amounts of stimulus, some of
which is leaking into asset markets and driving them higher. The current situation can be likened to two baths, one in the
West and one in the East. In both regions the authorities have turned the liquidity taps fully on. In the West the plug is
absent as, despite the vast sums being injected, the need to shrink bloated bank balance sheets means that this cash is
merely draining through the plug hole. Therefore, the bath is far from overflowing as funds flow into bank vaults and are
not escaping into the markets. Indeed, should this government support cease we would quickly find ourselves in a
deflationary environment. This is supportive for gilt valuations in the medium term. Conversely, in the Far East, the
Chinese have their own taps just as firmly on full flow; however, as the local sector is not so afflicted by the aftermath of
the bubble, most local banks have remained financially sound, the plug is firmly in and the water is flooding everywhere.
Therefore our view is that it is the actions of the Chinese authorities that are the principal driver of short term market
direction for now. The problem is that it is difficult for us to add value second guessing the actions of civil servants in
Beijing. Therefore we are not taking a directional stance on markets, although we continue to hold two Asian property
specialists namely China Real Estate Opportunities and Macau Opportunities which are direct beneficiaries from this
scenario.

SR Europe, Establishment Trust and Jupiter Second Split, whilst not household names represent foundation stones within
the portfolio, all three turned in very satisfactory performances during the period under review. The portfolio’s
construction is evolving with more trusts being included with smaller unit sizes. This reflects changes within the structure
of the closed-end sector; many familiar conventional trusts have disappeared in recent years whilst many more specialist
vehicles have been launched. The share prices of these proved particularly vulnerable in the aftermath of Lehman’s
demise and many are yet to fully recover. However, their volatility leaves them unsuitable to individually represent major
positions. Recent additions include Utilico, Psource Structured Debt, Henderson Financial Opportunities, North American
Banks, Greenwich Loan Income, Real Estate Investors and New Star Investment Trust.

In recent years, investors have become less inclined to pay fees for funds that hug indices and quote tracking error as a
key measure of performance and are embracing all manner of alternatives which is now a catch-all term for assets other
than large cap, long only equities. This explains the resurgence in demand for closed-end funds such as investment trusts
as they are ideally structured for investment away from the mainstream. Once a strategy moves from large cap equities,
the ability to trade quickly becomes an issue as liquidity is much more restricted. In these sectors it is important that
portfolios are protected from daily flows into and out of the fund. It is easy to meet redemptions at a few hours notice
when your portfolio comprises a range of blue chips but quite another matter when it owns bricks and mortar, a forest or a
number of hedge funds which require a few months notice before cash can be extracted. Conversely, it is just as difficult
to put your investors’ funds to work at short notice when there are inflows. In an increasingly less liquid world there is a
real role for the closed-end vehicle.

We have increased exposure to the Japanese and Pharmaceutical sectors. This represents a more traditional approach,
buying into areas of markets that are friendless where trusts can be bought on wider than usual discounts. The softness
in the Nikkei followed a decline in the capital value of Japanese Government Bonds which started in late October amid
fears about the sustainability of state finances. It appears likely that the newly elected Democratic Party will spend their
way to a populist victory in next year’s upper house elections. This would give them power to reduce the influence of the
bureaucrats and if successful, this would prove a long term positive factor. In the case of Pharmaceuticals, President
Obama’s drive to reform US healthcare has caused severe uncertainty as to the sector’s future profitability. The
stockmarket will rerate “big pharma” once it can quantify the true extent of the bad news.
Commodities proved to be a significant driver of performance during the interim period as the decline in global economic
activity proved to be far less severe than feared. Our principal position, City Natural Resources, had been doubly harshly
treated as it is a small company specialist, an area of the market which suffered particularly badly during the market
slump. We top sliced this position given share price strength and also disposed of our investment in an Exchange Traded
Fund which tracks movements in the price of crude oil. The under pricing which we had identified earlier in the year,
which was caused by the combination of a short term glut and the lack of storage facilities, has now largely run its course.

Despite the bull phase that has taken many indices up over 50% since the March lows, it was clear during the sell off
which occurred during the last week of October that investors were demonstrating real signs of fear. A universal desire to
adopt a cautious stance is leaving typical defensive strategies as “crowded trades”. The traditional growth style is being
shunned; recent IMA figures highlight that the Active Managed sector has suffered substantial outflows. A consequence is
that we are seeing little interest in funds within our universe which growth investors would normally be attracted to. Whilst
we continue to plough a lonely furrow, it is clear that we are facing less competition from other investors when targeting
opportunities.


Nick Greenwood and Martin Gray
Miton Asset Management Limited

23 December 2009
CONDENSED INCOME STATEMENT (unaudited)
for the period ended 31 October 2009


                                Six months to 31 October 2009            Six months to 31 October 2008               Year ended 30 April 2009
                                                                                                                            (audited)

                                Revenue     Capital        Total        Revenue       Capital         Total     Revenue         Capital       Total
                       Note        £’000     £’000         £’000           £’000       £’000         £’000         £’000         £’000        £’000

Gains/(losses) on
investments at fair
value through profit
or loss                  4             -      6,274        6,274               -     (13,603)      (13,603)            -       (12,449)    (12,449)
Income                   3           285          -          285             247           -           247           595             -         595
Investment
management fee                       (62)          -         (62)            (77)           -          (77)           83*             -          83*
Exchange
(losses)/gains on
capital items                          -           -           -               -         (10)          (10)            -            18            18
Other expenses                      (123)          -        (123)           (131)          -          (131)         (224)            -          (224)

Return on ordinary
activities before
finance costs and
taxation                             100      6,274        6,374              39     (13,613)      (13,574)          454       (12,431)    (11,977)

Finance costs
Interest payable                     (65)          -         (65)           (133)           -         (133)         (211)             -         (211)

Return on ordinary
activities before
and after taxation                    35      6,274        6,309             (94)    (13,613)      (13,707)          243       (12,431)    (12,188)

Return per                         pence     pence        pence            pence       pence         pence         pence         pence       pence
Ordinary share:
Basic and diluted                    0.14     24.82        24.96           (0.36)     (51.82)       (52.18)          0.94       (48.16)     (47.22)

The revenue and capital returns per Ordinary share are based on 25,279,985 shares, being the weighted average number of Ordinary shares in issue in the
period 1 May 2009 to 31 October 2009. (1 May 2008 to 31 October 2008: 26,270,697 shares. Year ended 30 April 2009: 25,810,588 shares).
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies’ SORP.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. There are
no recognised gains or losses other than those passing through the Income Statement and as a consequence no Statement of Total Recognised Gains and
Losses has been presented.

* Net of VAT refund in 2009
 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS (unaudited)
 For the period ended 31 October 2009


                                Capital      Share
                  Share     redemption    premium    Special    Capital     Revenue
                  capital      reserve     account   reserve   reserve       reserve     Total
                   £’000         £’000       £’000     £’000     £’000         £’000     £’000
Six months to
31 October
2009
At 30 April
2009                252             60     16,727    10,008     (2,782)         (52)    24,213

Net return for
the period             -             -          -         -      6,274           35      6,309

Balance at 31
October 2009        252             60     16,727    10,008      3,492          (17)    30,522

                                Capital      Share
                  Share     redemption    premium    Special      Capital   Revenue
                  capital      reserve     account   reserve     reserve     reserve     Total
                   £’000         £’000       £’000     £’000      £’000        £’000     £’000
 Six months
 to 31
 October 2008

 At 30 April
 2008               271             41     16,727    12,181      9,649         (295)   38,574

 Net return for
 the period            -             -          -         -    (13,613)         (94)   (13,707)

 Ordinary
 shares
 purchased
 and cancelled      (16)            16          -    (2,028)          -           -    (2,028)
 Balance at 31
 October 2008       255             57     16,727    10,153     (3,964)        (389)   22,839

                                Capital      Share
                  Share     redemption    premium    Special    Capital     Revenue
                  capital      reserve     account   reserve   reserve       reserve     Total
                   £’000         £’000       £’000     £’000     £’000         £’000     £’000
Year ended
30 April 2009
(audited)
Balance at 30
April 2008          271             41     16,727    12,181      9,649         (295)   38,574

Net return for
the year               -              -          -        -    (12,431)         243    (12,188)

Ordinary
shares
purchased and
cancelled           (19)            19           -   (2,173)          -           -     (2,173)

Balance at 30
April 2009          252             60     16,727    10,008     (2,782)         (52)   24,213
BALANCE SHEET (unaudited)
As at 31 October 2009

                                 As at 31 October       As at 31 October   As at 30 April
                                             2009                  2008            2009
                                                                               (audited)
                                                £’000             £’000            £’000
Fixed assets
Investments held at fair
value through profit or loss               30,835               23,343           23,282

Current assets
Debtors and prepayments                          115               176              224
Cash and short term
deposits                                        3,415             3,610           4,898
                                                3,530             3,786           5,122
Creditors amounts
falling due
 within one year
Bank loan                                       3,750             3,750           3,750
Other creditors                                    93               540             441
                                                3,843             4,290           4,191

Net current (liabilities)/
assets                                          (313)              (504)            931

Net assets                                 30,522               22,839           24,213

Share capital and
reserves:
Share capital                                 252                  255              252
Capital redemption reserve                     60                   57               60
Share premium account                      16,727               16,727           16,727
Special reserve                            10,008               10,153           10,008
Capital reserve                             3,492               (3,964)          (2,782)
Revenue reserve                               (17)                (389)             (52)

Total shareholders’
funds                                      30,522               22,839           24,213

                                            pence                pence           pence
Net asset value per
Ordinary share                             120.74                90.07*           95.78

Number of Ordinary
shares used for the
calculation of the net
asset value                            25,279,985           25,461,985      25,279,985

* Including revenue reserve to 30 April 2008.
STATEMENT OF CASH FLOWS (unaudited)
for the period ended 31 October 2009

                                 Note             Six months                 Six months        Year ended
                                           to 31 October 2009        to 31 October 2008       30 April 2009
                                                                                                  (audited)
                                                         £’000                     £’000             £’000

 Net cash inflow from
 operating activities              6                       162                      110                  440

 Servicing of finance
 Interest paid                                             (65)                    (129)                (211)


 Capital expenditure and
 financial investment
 Purchases of investments                               (7,450)                 (12,293)              (21,719)
 Sales of investments                                    5,976                   15,543                26,062
 Proceeds on index futures
 contracts                                                (106)                     206                  270

 Net cash (outflow)/inflow
 from capital expenditure and
 financial investment                                   (1,580)                   3,456                 4,613

 Net cash (outflow)/inflow
 before financing                                       (1,483)                   3,437                 4,842

 Financing
 Ordinary shares purchased
 and cancelled                                                -                   (2,028)              (2,173)

 Net cash outflow from
 financing                                                    -                   (2,028)              (2,173)

 (Decrease)/increase in cash       7                    (1,483)                   1,409                 2,669


      NOTES
      1. Accounting policies
      The financial statements are prepared under the historical cost convention as modified by the
      revaluation of fixed asset investments and in accordance with UK applicable accounting
      standards and the Statement of Recommended Practice regarding the Financial Statements
      of Investment Trust Companies and Venture Capital Trusts (“SORP”) issued in January 2009.
      All the Company’s activities are continuing.

      The accounts have been prepared in accordance with accounting policies set out in the
      statutory accounts for the year ended 30 April 2009.

      2. Financial information
      The above financial information does not constitute full statutory accounts as defined in
      section 434 of the Companies Act 2006. The financial information for the six months ended
      31 October 2009 and 31 October 2008 has not been audited or reviewed.

      The information for the year ended 30 April 2009 has been extracted from the latest published
      audited accounts. Those statutory accounts have been filed with the Registrar of Companies
      and included the report of the auditors which was unqualified and did not contain a statement
      under section 498(2) or (3) of the Companies Act 2006.
3. Income

                                       Six months to          Six months to          Year ended
                                     31 October 2009       31 October 2008          30 April 2009
                                               £’000                 £’000                  £’000
Income from investments
UK dividend income                                 210                  126                   342
UK unfranked investment income                       4                   46                    77
Fixed interest                                      70                    -                    71
                                                   284                  172                   490

Other income
Bank interest receivable                              -                   75                    84
Other Interest                                        -                    -                    21
Other income                                          1                    -                     -

Total income                                       285                  247                   595


4. Gains/(losses) on investments

                                       Six months to          Six months to          Year ended
                                     31 October 2009       31 October 2008          30 April 2009
                                               £’000                 £’000                  £’000

(Losses) on disposal                            (1,117)               (2,403)               (5,905)
Movement in investment holding
gains                                            7,521               (11,621)               (6,922)
(Losses)/gains on closed
derivative contracts                              (105)                 206                   270
Movement in (losses)/gains on
open derivative contracts                           (25)                215                   108

                                                 6,274               (13,603)              (12,449)


5. Tax credit / charge on ordinary activities
The tax charge for the half-year is £nil (31 October 2008: £nil; 30 April 2009: £nil) based on
an estimated effective tax rate of 0% for the year ending 30 April 2010. The estimated
effective tax rate is 0% as investment gains are exempt from Capital Gains Tax owing to the
Company’s status as an Investment Trust. As stated in the audited statutory accounts at 30
April 2009 the Company had surplus excess management expenses of £2,397,000 that are
available to offset future taxable revenue and therefore there is no liability to Corporation Tax
during the half-year to 31 October 2009 (31 October 2008: £nil; 30 April 2009: £nil).

6. Reconciliation of net return before finance costs and taxation to net cash inflow
from operating activities
                                               Six months to        Six months to    Year ended
                                             31 October 2009    31 October 2008 30 April 2009
                                                       £’000               £’000          £’000

Net return before finance costs and
taxation                                                    6,374               (13,574)         (11,977)
(Gains)/losses on investments                              (6,274)               13,603           12,449
Exchange losses/(gains) on capital items                        -                    10              (18)
(Decrease)/ increase in creditors and
accruals                                                       (5)                 124                (41)
Decrease/(increase) in debtors and
accrued income                                                 67                  (53)                27
Net cash inflow from operating activities                     162                  110                440
7. Reconciliation of net cash flow to net debt
                                                  Six months to        Six months to        Year end
                                                31 October 2009     31 October 2008     30 April 2009
                                                         £’000                £’000            £’000

Opening net debt                                          1,148              (1,539)          (1,539)
(Decrease)/increase in cash in period                    (1,483)              1,409            2,669
Exchange (losses)/gains on capital items                      -                 (10)              18
Closing net debt                                           (335)               (140)           1,148


                                                                          Foreign
                                           At 30 April      Cash        exchange       At 31 October
                                                2009       Flows        movement                2009
                                               £’000       £’000           £’000               £’000

Net funds are comprised as follows:
Cash and short term deposits                   4,898      (1,483)                -             3,415
Debt falling due within one year              (3,750)          -                 -            (3,750)
                                               1,148      (1,483)                -              (335)
Portfolio Valuation as at 31 October 2009
                                       Type of         Fair value    % of
                                       security        valuation     Portfolio
                                                       £'000
Treasury 4.75% 07/03/2020              Gilt                  2,174       7.05
SR Europe Investment Trust             Ordinary              1,526       4.95
JPMorgan Fleming Japanese Smaller      Ordinary              1,420       4.61
Establishment Investment Trust (The)   Ordinary              1,360       4.41
Jupiter Second Split Trust             Capital               1,240       4.02
Finsbury Worldwide Pharmaceutical      Ordinary              1,237       4.01
Thames River Global Bond Sterling      Open-ended
                                       Fund                 1,139        3.69
Strategic Equity Capital Trust         Ordinary             1,087        3.52
Treasury 4.5% 07/03/19                 Gilt                 1,069        3.47
Aurora Investment Trust                Ordinary             1,024        3.32
Japanese Accelerated Performance
Fund                                   Participating        1,009        3.27
Macau Property Opportunities Fund      Ordinary               996        3.23
Castle Asia Alternative PCC            Participating
                                       Preference             983        3.19
City Natural Resources High Yield
Trust                                  Ordinary               964        3.13
Artemis Alpha Trust                    Ordinary               934        3.03
Biotech Growth Trust (The)             Ordinary               864        2.80
Blackrock Absolute                     Redeemable
                                       Participating          838        2.72
F & C UK Select Trust                  Ordinary               836        2.71
Edinburgh Worldwide                    Ordinary               773        2.51
SVM Global Fund                        Ordinary               772        2.50
Naya Bharat Property                   Ordinary               679        2.20
New City Energy                        Ordinary               678        2.20
China Real Estate                      Ordinary               675        2.19
Impax Environmental Markets            Open-ended             663        2.15
                                       Fund
Geiger Counter                         Ordinary               604        1.96
Jupiter Euro Opportunities             Ordinary               554        1.80
Private Equity Investor                Ordinary               533        1.73
Utilico                                Ordinary               528        1.71
Midas Income & Growth Trust            Ordinary               469        1.52
Henderson Financial Opportunities      Ordinary               371        1.20
Global Special Opportunities Trust     Income                 349        1.13
CF Eclectica Agricultural              Open-ended             293        0.95
                                       Fund
Scottish Mortgage Investment Trust     Ordinary               293        0.95
Alpha Tiger Property Trust             Ordinary               250        0.81
PSource Structured Debt                Ordinary               201        0.65
Utilico Emerging Markets               Ordinary               187        0.61
New Star Investment Trust              Ordinary               186        0.60
Greenwich Loan Income Fund             Ordinary               179        0.58
North American Banks Fund              Ordinary               175        0.57
EPE Special Opportunities Trust        Ordinary               173        0.56
Equity Partnership Investment Trust    Capital                167        0.54
Lewis Charles Sofia Property Fund      Ordinary               157        0.51
Chelverton Growth Trust                Ordinary               132        0.43
SR Europe Investment Trust             Subscription            45        0.15
Finsbury Worldwide Pharmaceutical      Subscription            25        0.08
Impax Environmental Markets            Warrants                24        0.08

Total                                                      30,835      100.00
Shareholder Information
Share dealing
Shares can be traded through a stockbroker or other authorised intermediary. The
Company’s Ordinary shares are traded on the London Stock Exchange.

The Company’s shares are fully qualifying investments for Individual Savings Accounts
(ISAs).

Share register enquires
The register for the Ordinary shares is maintained by Capita Registrars. In the event of
queries regarding your holding, please contact the Registrar on 0871 664 0300 (calls cost
10p per minute plus network extras; lines are open 8.30am – 5.30pm) or email
shareholder.services@capitaregistrars.com. Changes of name/or address must be notified in
writing to the Registrar: Shareholder Services, Capita Registrars, Northern House,
Woodsome Park, Fenay Bridge, Huddersfield, HD8 0GA.

Share capital and net asset value information
Ordinary 1p shares                   25,279,985
SEDOL number                         3436594
ISIN number                          GB0034365949
Bloomberg symbol                     IIM


Website: www.iimiainvestmenttrust.co.uk

Net Asset Value
The Company releases its net asset value per Ordinary share to the London Stock Exchange
on a daily basis.

Share prices
The mid-market prices are quoted daily in the Financial Times under ‘Investment Companies’.

Annual and Half Yearly Reports
Copies of the Annual and Half-Yearly Reports are available from the Company Secretary.

Telephone: 01392 412122.

Investment Manager: Miton Asset Management Limited (“Miton”)
Miton is regulated by the FSA. Miton is a wholly-owned subsidiary of Midas Capital plc, which
has funds under management and advice totalling £1,990 million as at 30 June 2009.

Investors’ updates in the form of monthly factsheets are available from the Company’s
website www.iimiainvestmenttrust.co.uk.

Association of Investment Companies
The Company is a member of the Association of Investment Companies.

www.theaic.co.uk
Directors and Advisers
Directors (all non-executive)             Registrar and Transfer Office
Anthony Townsend (Chairman)               Capita Registrars
James Fox                                 Northern House
Nick Hodgson*                             Woodsome Park
Michael Phillips                          Fenay Bridge
                                          Huddersfield HD8 0GA
All of:
Beaufort House                            Stockbroker and Financial Adviser
51 New North Road                         Canaccord Adams Limited
                                                            th
Exeter EX4 4EP                            Cardinal Place, 7 Floor
                                          80 Victoria Street
* retired 9 December 2009                 London SW1E 5JL

Company Secretary and Registered Office   Bankers and Custodian
Capita Sinclair Henderson Limited         Bank of New York Mellon
Trading as Capita Financial Group -       One Canada Square
Specialist Fund Services                  London E14 5AL
Beaufort House
51 New North Road
Exeter EX4 4EP
Tel: 01392 412 122
Fax: 01392 253 282

Investment Manager                        iimia Investment Trust plc
Miton Asset Management Limited            An investment company as defined under
10-14 Duke Street                         Section 833 of the Companies Act 2006
Reading, RG1 4RU                          Registered in England and
Website: www.mitonam.com                  Wales No.5020752

Auditors
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU

				
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