Interim Management Statement

INTERIM MANAGEMENT STATEMENT
For Quarter Ending 31st October 2010

  * Global  equities  have  made  strong  gains  over  Q3  2010, underpinned  by
    corporate  earnings in Emerging Markets, Europe and UK. NAV Total Return was
    up 3.9%, compared to the FTSE All-World Index up 2.1% and the FTSE All-Share
    Index  up  2.5%. Government  bond  yields  remained  steady,  but  those  of
    corporate  bonds experienced  tightening against  the positive backdrop from
    equities.   Sterling  has  been  strong  against  a  weaker  US  Dollar  and
    commodities  have rallied strongly.  The economic backdrop  remains weak but
    global economic recession risk is low. The full impact of the cuts announced
    in  the UK's Autumn spending review  is still uncertain; despite this equity
    markets continued to perform well.
  * Global  equity exposure for the  Trust now stands at  97% of net assets with
    gross  assets at 112% - a slight increase, as we have committed further cash
    into  both European  equities and  Fixed Income,  which now represents 6% of
    assets,  while  maintaining  our  exposure  to  Emerging  Markets  and Asia.
    Regionally, the UK still represents the largest part of the equity portfolio
    at  33%, but Asia  and Emerging  Markets now  make up  28%. Sector exposures
    remain  relatively  unchanged  with  our  largest  positions  in Financials,
    Industrials,  Consumer Goods and Oil & Gas;  areas we feel will benefit most
    from  the gradual pick-up in global economic activity. We continue to invest
    in companies with exposure to Asian growth opportunities.
  * Global  imbalances  still  exist  and  sovereign  debt  problems continue in
    Europe.  International tensions remain with  the possibility of currency and
    tariff  wars.  US  QE  II  was  well  flagged, with little initial effect on
    markets,  though its timing ahead of  G20 talks on currency manipulation did
    little  to enhance US credibility, but gave some assurance to investors that
    participants  can work together to resolve some of their key issues. Our own
    economic  analysis continues to forecast a period of modest sub-trend growth
    in  Western economies  and continuing  expansion in  Asian and many emerging
    economies.  Interest rates will remain low  and we believe that the stimulus
    to  private sector demand from monetary policy will offset the impact of the
    fiscal consolidation being implemented in many countries.
  * Recent  Q3 corporate earnings have been encouraging. In terms of valuations,
    many  stocks  and  markets  represent  good  value, despite recent gains and
    equities  still  look  cheap  relative  to  bonds  in an historical context.
    Although  2011 will be  another challenging  year, we  remain optimistic for
    returns


KEY FACTS

 Total Net Assets: £2,800.1m
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 NAV Total Return from 31/07/10 to 31/10/10: 9.3%*
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 Total Expense Ratio (year to 31/01/10): 0.69%
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 Year End: 31 January 2011
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 Date of Incorporation: 21 April 1888
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 Dividend: Dividends of 2.0625p were paid on or around 2 August
 and 1 November and will be paid on or
 around 31 January 2011 and 31 May 2011
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 Capital: 667,059,760 shares of 2.5p
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 ISIN: GB00B11V7W98
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 * Source: Fundamental Data

 The NAV is published daily on our website
 www.alliancetrust.co.uk




ASSET ALLOCATION %
 Equities                   97.0

 Private Equity              3.9

 Fixed Income                5.8

 Operating Subsidiaries      0.6

 Property                    1.6

 Other investments           1.7

 Cash                        0.8

 Other Net Assets            0.2

 Gross Assets              111.6

 Gearing                  (11.6)

 Net Assets                100.0



EQUITY PORTFOLIO DISTRIBUTION

GEOGRAPHIC (EQUITY ONLY)             INDUSTRY (EQUITY ONLY)

                 Closing Weights %                      Closing Weights %

Emerging Markets               3.0   Utilities                        0.9

Europe                        14.5   Telecommunications               2.1

North America                 24.4   Consumer Services                6.4

Pan Asia                      25.2   Health Care                      8.7

United Kingdom                32.9   Basic Materials                  9.8

                                     Technology                       9.8

                                     Oil and Gas                     12.2

                                     Consumer Goods                  13.4

                                     Industrials                     17.0

                                     Financials                      19.7


Trust Performance

                                         1 Year 2 Years 3 Years 5 Years 10 Years

Price                                     15.3%   42.2%   -6.2%   15.7%     5.5%

Total Return                              18.3%   50.3%    1.7%   30.9%    36.2%

NAV Total Return                          18.9%   38.6%   -0.5%   31.2%    31.0%



AIC Global Growth Sector - Total Return   21.3%   47.8%    0.8%   42.6%    56.1%

AIC Global Growth Sector - NAV Total      20.1%   48.2%    0.7%   42.8%    47.6%
Return



FTSE All-World Index (£) - Price          15.3%   36.4%   -3.0%   22.1%    -3.0%

FTSE All-World Index (£) - Total Return   18.2%   44.2%    5.3%   38.6%    21.7%



FTSE All-Share - Price                    13.6%   34.5%  -15.0%   10.2%    -4.6%

FTSE All-Share -Total Return              17.5%   45.0%   -4.8%   31.6%    33.0%


Alliance Trust does not have a fixed benchmark
Source: FactSet/Fundamental data

Top 20 investments

 Rank   Movement   Rank last qtr   Name                         Value £m

 1      â–²          (2)             BHP Billiton *               72.4

 2      â–¼          (1)             HSBC                         63.3

 3      â–²          (5)             Rio Tinto                    61.1

 4      â–¼          (3)             BP                           58.2

 5      â–¼          (4)             GlaxoSmithKline              57.0

 6      -          (6)             Royal Dutch Shell            56.1

 7      â–²          (9)             InterOil                     41.3

 8      â–¼          (7)             British American Tobacco     40.9

 9      â–²          (10)            Philip Morris                37.9

 10     â–²          (11)            Prudential                   37.7

 11     â–²          (13)            CNOOC                        37.1

 12     â–¼          (8)             New York Community Bancorp   35.6

 13     â–²          (15)            Canadian Pacific Railway     30.4

 14     â–²          (18)            Bank Rakyat Indonesia        29.2

 15     new                        Vodafone                     26.9

 16     â–²          (17)            Standard Chartered           26.5

 17     â–¼          (12)            Diageo                       26.3

 18     new                        Weir Group                   26.2

 19     â–²          (20)            American Tower               26.0

 20     â–¼          (14)            Tesco                        25.6


Total Equity Investments: £2,711.7m
Top 10 as % of Net Assets: 18.8%         Top 20 as % of Net Assets: 29.1%
IMI and Republic Services have dropped out of the Top 20
* We have combined our holdings in BHP Billiton PLC (£43.9m) with our position
in BHP Billiton Ltd (£28.5m) to show total exposure.

Source: Internal.

SECTOR WEIGHTINGS

Top 5 overweight/underweight sector holdings*

                                 Overweight/(underweight)%

 Mining                                                4.0

 Industrial Engineering                                3.0

 Banks                                                 1.9

 Oil and Gas                                           1.8

 Support Services                                      1.7

 Travel & Leisure                                    (1.5)

 Gas, Water & Multiutilities                         (1.5)

 Electricity                                         (1.8)

 Financial Services                                  (1.9)

 Fixed Line Telecommunications                       (2.6)


Top 5 active overweight/underweight holdings*

                    Overweight/(underweight)%

 BHP Billiton                             1.9

 Rio Tinto                                1.8

 GlaxoSmithKline                          1.7

 BP                                       1.7

 HSBC Holdings                            1.7

 Proctor & Gamble                       (0.6)

 IBM                                    (0.6)

 Microsoft                              (0.8)

 Apple                                  (1.0)

 Exxon Mobil Corp                       (1.2)


Source: Internal

Portfolio weight is calculated as a % of equity only.

*FTSE All-World Index used

 Weightings are calculated on a look through basis whereby holdings in the
Trust's exposure is combined with that of its holdings in Alliance Trust Asset
Management's funds in order to calculate total exposure.

For further information, please contact:

Evan Bruce-Gardyne
Head of Investor Relations
Alliance Trust PLC
8 West Marketgait
Dundee
DD1 1QN

Tel: [phone]
Email: [e-mail]



[HUG#1464627]








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