Interim Management Statement

Freitag, 13.11.2009 17:55 von Hugin

MIDDLEFIELD CANADIAN INCOME TRUSTS INVESTMENT COMPANY PCC
                    Interim Management Statement

This statement has been prepared to provide additional information to
shareholders as a body  to meet the relevant  requirements of the  UK
Listing Authority's Disclosure and Transparency Rules. It should  not
be relied upon  by any  party for any  purpose other  than as  stated
above.  This statement covers the period 1 July 2009 to date.

Middlefield Canadian  Income  Trusts  Investment  Company  PCC  is  a
closed-ended investment  company incorporated  in  Jersey on  24  May
2006.  The Company  has initially established  one closed-ended  Cell
known as Middlefield Canadian Income Trusts - GBP PC (referred to  as
the "Fund"  which  term  includes, where  the  context  permits,  the
Company acting in respect of Middlefield Canadian Income Trusts - GBP
PC). Admission to the official list  of the UK Listing Authority  and
dealing in redeemable participating preference shares commenced on  6
July 2006.

Investment Objective

The Fund's investment objective  is to produce  a high income  return
whilst also seeking to preserve shareholder capital.

To achieve its objectives,  the Fund (i) entered  into a Swap with  a
Canadian chartered bank in order to achieve efficient currency hedged
economic exposure to  the Canadian  income trust  market through  its
reference asset, CIT Trust, an actively managed portfolio of Canadian
income trusts and (ii) invests its assets in a Money Market and  Bond
Portfolio.

Performance Summary

The net asset value of the Fund as at 29 October 2009 was 68.16 pence
per share or  £54.7 million.   The total  return of  the Fund,  which
reflects changes in the  net asset value as  well as dividends  paid,
was 62.5% for the year to date period ended 29 October 2009. The  key
driver of Fund performance  is the mark-to-market  value of the  Swap
which, in turn, is  affected by a combination  of the performance  of
its reference asset, CIT Trust,  and the mark-to-market value of  the
CCMD Value.  The  CCMD Value  is  the  direct result  of  the  Fund's
decision to  eliminate  the  impact of  fluctuations  in  the  spread
between Sterling and Canadian interest  rates on the Fund's  revenues
by locking in the spread from the outset.  All else being equal,  the
CCMD Value will  reduce to zero  as the termination  date of 28  June
2013 for the Swap is approached.

The asset class weightings for CIT Trust as at 12 November 2009 were:


+-------------------------------------------------+
| Asset Class               | Portfolio Weighting |
|---------------------------+---------------------|
| Oil and Gas               |         57%         |
|---------------------------+---------------------|
| Business Trusts           |         17%         |
|---------------------------+---------------------|
| Power and Pipeline Trusts |         13%         |
|---------------------------+---------------------|
| REITs                     |         4%          |
|---------------------------+---------------------|
| Other                     |         9%          |
+-------------------------------------------------+



Material Events

As a  result  of  stimulus programs,  improving  credit  markets  and
increasing  corporate  sales   and  profits,   equity  markets   have
experienced a  significant recovery  since  their March  2009  lows.
Notwithstanding the  possibility for  a correction  in equity  prices
over the next several months, we believe the longer term outlook  for
select sectors  of  the equity  market  remains positive.  We  expect
several income trusts to  convert to corporations  over the next  few
years  and  reduce  their  distributions  as  they  become  taxable.
Notwithstanding, we believe a number of them will continue to pay out
relatively high levels  of dividends  on a sustainable  basis due  to
their ability to generate substantial cash flows.

The Board of  Middlefield Canadian Income  Trusts Investment  Company
PCC is not aware  of any significant event  or transaction which  has
occurred between 1  July 2009  and the  date of  publication of  this
statement which  could  have  a  material  impact  on  the  financial
position of the Company.

For further information contact:

Gary Boudin                                                      Dean
Orrico
Kleinwort  Benson  (Channel  Islands)                     Middlefield
Canadian Income Trusts
Fund      Services      Limited
Investment Company PCC
Company Secretary                                           Director
Tel.:  01481 727111                                            Tel.:
01481 727111


13 November 2009


Past performance is not a guide to future performance.
This    interim    management    statement    is    available    at:
www.middlefield.co.uk.

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