Interim Management Statement

Artemis Alpha Trust PLC
28 August 2007

Artemis Alpha Trust plc

Interim Management Statement - 3 months ended 31 July 2007



Introduction



The Company has prepared this interim management statement ('IMS') to meet the
requirements of the UK Listing Authority's Disclosure Rules and Transparency
Rules.  The IMS covers the three month period ended 31 July 2007, together with
relevant information up to the date of publication.



Investment Objective



Artemis Alpha Trust plc aims to achieve above average rates of total return over
the longer term and to achieve a growing dividend stream.



Material Transactions



No material events took place in the period.



Material Events

No material events took place in the period that would have had any impact on
the financial position of the Company.  Following the period end, the Company
announced its results for the year ended 30 April 2007, which included the
declaration of a second interim dividend for the year of 1.3p per ordinary
share, which will be paid to shareholders on 31 August 2007.  The Company's
Annual General Meeting will be held on Thursday, 6 September 2007 at 12.30 pm at
the offices of Artemis Investment Management Limited, Cassini House, 57 St
James's Street, London SW1A 1LD.



General Financial Information


                                           24 August 2007        31 July 2007       30 April 2007

Share Price                                       211.50p             214.00p             239.00p
Net asset value (basic)                           234.47p             247.16p             259.77p
Net asset value (diluted)                         215.61p             226.19p             236.69p
(Discount)/premium to diluted net
asset value
                                                   (1.9)%              (5.3)%                1.0%
Net assets                                         £77.9m              £82.1m              £86.3m
Market capitalisation                              £70.3m              £71.1m              £79.4m
Number of shares in issue                      33,233,488          33,233,488          33,233,488
Number of shares in treasury                      125,000             125,000             125,000



 Ten Largest Equity Investments


Investment                                  % of net assets at 31 July  % of net assets at 30 April 2007
                                                                  2007

Artemis Investment Management                                     6.0%                              5.7%
Salamander Energy                                                 4.1%                              5.1%
Vostok Energy                                                     4.0%                              2.3%
Aricom                                                            3.7%                              3.2%
Redhall Group                                                     3.1%                              3.7%
Geiger Counter                                                    3.0%                              3.4%
REA Holdings                                                      3.0%                              2.7%
Revus Energy                                                      2.9%                              3.3%
Geopark Holdings                                                  2.7%                              2.4%
Enterprise Inns                                                   2.5%                              2.2%



Sector Analysis


Sector                                  % of net assets at 31 July   % of net assets at 30 April
                                                              2007                          2007

Oil & Gas Producers                                          27.6%                         23.3%
General Financial                                            24.4%                         23.7%
Travel & Leisure                                              8.9%                         10.0%
Mining                                                        8.7%                         12.5%
Support Services                                              3.8%                          5.6%
Media                                                         3.4%                          3.8%
Oil Equipment & Distribution                                  3.3%                          0.6%
Equity Investment Instruments                                 3.1%                          3.5%
Aerospace & Defence                                           3.0%                          3.0%
Industrial Engineering                                        3.0%                          3.8%
Others                                                       10.8%                         10.2%



Performance


                                       3 months           1 year          3 years  Since launch **

Net Asset Value - basic *                (4.9)%            14.3%           103.0%           258.9%
Net Asset Value - diluted *              (4.4)%            13.2%            86.1%           229.2%
Share Price *                           (10.5)%             6.4%            70.8%           220.2%
FTSE All Share Index                     (1.4)%            12.9%            65.2%            90.7%



*Source: Artemis Investment Management Limited/Datastream. All figures are to 31
July 2007 and are total returns.

**Data from 1 June 2003 - the date of Artemis' appointment as investment
manager.


A copy of the interim management statement can be found on the Investment
Manager's website at www.artemisonline.co.uk/products/investment_trusts/
alpha_trust.asp


Artemis Investment Management Limited
Company Secretary
Tel:  [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange  ND

IMSDVLFLDVBBBBQ