Interim Management Statement

AURORA INVESTMENT TRUST Plc

Interim Management Statement 30th June 2008


Directors:

Alex Hammond-Chambers (Chairman); James Barstow FCA; Michael
Heathcoat Amory; David H. Hunter; Richard Robinson

Fund Manager:

James Barstow of Mars Asset Management Ltd

Year End:    28th February

Dividend:     Final only. Latest dividend 3.15p  ex-date 11th June
2008

Payment 11th July 2008

Benchmark:   All-Share Index

Objective:

Capital Appreciation through investments listed mainly on the London
Stock Exchange.

Policy (Summary)

To invest primarily in equities but with some exposure also to Fixed
Interest.  In general the portfolio will be weighted towards the
larger rather than smaller capitalised stocks.  A distinctive feature
is an emphasis on investments in companies with exposure to economies
growing at a faster rate than the UK.

Largest Holdings    30th June 2008


                      £ 000's   %
Rio Tinto              2852   10.3
BTG                    2426    8.8
Xstrata                2412    8.7
GCM                    2292    8.3
Scottish and Southern  1754    6.3
Antofagasta            1645    5.9
BP                     1312    4.7
DRAX                   1293    4.7
Arriva                 1199    4.3
BHP                    1151    4.2

                       Total  66.2%


Sector Analysis


                               £ 000's  %
AIM                             3045    11
Banks Retail                    1044   3.9
Electricity                     3047    11
Financials                      1411   5.1
Fixed Interest                   423   1.5
Information Technology           616   2.2
Insurance                        106   0.4
Investment Trusts               1404   5.1
Mining                          8590   31.0
Oil Exploration and Production  2977   10.7
Oil Integrated                   978   3.5
Software                         421   1.5
Pharmaceuticals                 24226  8.7
Transport                       1198   4.4


Performance


                           NAV(ex-income) FTSE All-Share
Since Launch to 30/06/08 +114.2%          +32.4%
5 years to 29/2/08       +64.7%           +71.3%
3 years to 29/02/08      -12.6%           +20.8%
1 year to 29/02/08       -17.8%           -5.8%
4 months to 30/06/08     +3.2%            -5.2%




              29/2/08     30/06/08
Share price   181.5p     170.25p
Discount       10.6%     18.7%




Review

The four month period  under review witnessed  a continuation of  the
roller coaster conditions in the UK stock-market which have prevailed
for many  months. At  the  start of  the  period the  FTSE  All-Share
continued to fall until mid March.  It then  rallied sharply for  the
next four weeks only to commence a further steep decline.

During this period  the company's assets  produced a strong  relative
result with a 3.2% positive result and thereby an out-performance  of
some 8.8%. This is a welcome continuation of the trend which  started
in early January and which  has produced an out-performance of  12.1%
in these first  six months of  2008. As  often happens at  a time  of
strong relative  performance, the  stock-market is  slow to  provide
recognition and accept the new  trend, thus the discount has  widened
from 10.6% to 18.7% during the period.

In summary, the main objective  behind the recent transactions  which
have taken place  has been  to decrease the  portfolio's exposure  to
both the UK and Irish economies.  The motivation for such change  was
the rapid deterioration in the outlook for the consumer, construction
and financial sectors.  There has been  an unprecedented collapse  in
confidence caused by the  knock-on effects of  the credit crunch  and
the unforeseen rise in the price, not only of oil, but also of  other
commodities. As a result of this policy, the portfolio no longer  has
any direct exposure to the  UK/Irish construction sector and now  has
much reduced weightings in financials and Irish stocks. In turn,  the
purchases have accordingly been made to increase the exposure to  the
Far East and other Developing nations, mainly through the addition of
natural resource stocks.

Outlook

Although not yet officially in recession, the outlook for both the US
and UK economies  in the  short run  is not  one likely  to fill  the
average investor with great enthusiasm  until  the housing market  in
both countries is seen to be turning upwards and  the banking  sector
has been refinanced. There are  currently no signs of this  occurring
in the immediate future. Meanwhile, the economies of the Far East and
BRIC countries continue to  grow, albeit at a  lesser pace than  last
year, in view  of the  interest rate  rises which  have taken  place.
Their almost insatiable demand for raw materials is likely to  result
in further price appreciation; recent  evidence of this has been  the
rapid rise in the price  of coal and the 90%  uplift in the price  of
iron ore obtained by Rio Tinto.

The smaller stocks in the portfolio, which were so harshly treated by
the stock-market in the  run up to the  tax loss selling period,  are
finally starting to  perform. Amongst  these, improved  news flow  is
finally starting  to  appear  from BTG,  GCM  Resources  and  Gresham
Computing  with  beneficial  effect;  they  were  all  selected   and
retained, despite great under-performance,  because of their lack  of
sensitivity to the UK economy and huge future potential.

In such light, the Manager considers that there are good grounds  for
thinking that the trend of relative out-performance will continue and
that the  portfolio  is  well  placed  to  benefit  under  prevailing
circumstances.

This interim  management  statement will  be  made available  on  the
website www.marsassetmanagement.co.uk

11 July 2008

---END OF MESSAGE---