Interim Management Statement

Aurora Investment Trust                 Interim Management
Statement
31st May 2007

Objective: Capital appreciation through investments mainly listed on the London Stock Exchange.
Benchmarks: The FTSE All-Share and Treasury 7.25% Stock 2007.
Policy: 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 the 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.

Result of AGM
The Board wishes to express its gratitude to all shareholders for their loyal support.
The dividend of 3.1p was paid on 9th July 2007.

Manager's comments:                     Sell in May and go away?
The steady rise in stock-markets  which has taken place over  the last few months has  faltered
following the sell-off in global bond markets. The announcement of an acceleration in the  rate
of global economic  growth has  caused bond  investors to  pay greater  attention to  inflation
worries while sub-prime debt concerns  continue to rumble on. Is  it therefore right to  follow
the normal adage and head for the hills at this time of year?
In the Manager's opinion UK equities still appear to represent good value relative to bonds, by
comparison with the  experience of the  previous two  decades. More-over, the  rate of  overall
dividend growth remains enticing and appears set to continue, particularly for those  companies
which benefit  from  the faster  growing  areas of  the  globe. Meanwhile  further  merger  and
acquisition activity  can be  expected, even  during the  normally quiet  summer months.  Taken
together, these features are likely to underpin the UK stock-market over coming months, despite
a further interest rate rise.
Within the  portfolio  the  current  investment  themes  remain  generally  unchanged.  Whereas
sentiment in the short term has turned  rather negative towards both UK house-builders and  the
Irish stocks in the portfolio, both areas  are reporting strong levels of trading. By  contrast
the heavy exposure to mining stocks is currently serving the portfolio well.


+-------------------------------------+               N.A.V. :263.83p
| Portfolio Breakdown   31st May 2007 |               Total net assets £39.198m
|-------------------------------------|
| Total gross assets £46.829m         |               Largest Holdings:
|-------------------------------------|
|                                     |
|-------------------------------------|               +-----------------------------+
| Sector Analysis:                    |               | Rio Tinto            | 9.4% |
|                                     |               |                      |      |
| Resources                  25.2%    |               |----------------------+------|
|                                     |               | Gartmore Irish       | 9.3% |
| Financials                 20.4%    |               |                      |      |
|                                     |               |----------------------+------|
| Basic Industries           14.7%    |               | Anglo Irish          | 9.0% |
|                                     |               |                      |      |
| Investment Companies         8.9%   |               |----------------------+------|
|                                     |               | Persimmon            | 8.4% |
| Services                     8.0%   |               |                      |      |
|                                     |               |----------------------+------|
| AIM                        7.6%     |               | Drax Group           | 4.9% |
|                                     |               |                      |      |
| Utilities                    7.2%   |               |----------------------+------|
|                                     |               | MMI                  | 4.0% |
| Information Technology     4.6%     |               |----------------------+------|
|                                     |               | BTG                  | 3.9% |
| General Industries         1.5%     |               |                      |      |
|                                     |               |----------------------+------|
| Fixed Interest               1.0%   |               | Arriva               | 3.7% |
|                                     |               |                      |      |
| Non-Cyclical Consumergoods   0.9%   |               |----------------------+------|
|                                     |               | Standard Chartered   | 3.6% |
|-------------------------------------|               |                      |      |
|                                     |               |----------------------+------|
+-------------------------------------+               | Barratt Developments | 3.5% |
                                                      +-----------------------------+




                          Performance:        FTAll-Share                  NAV
                          Since launch         +59%                            +170%
                          5 years                 +39%                            +74%
                          12months             +17.9%                         +12.9%
                          3months               +7.5%                           +6.9%




Fund Details:
Manager: Mars Asset Management Ltd   tel [phone]
website:www.marsassetmanagement.co.uk
Stockbroker: Cenkos Securities Ltd.
Launch Date 13/3/1997
Shares In issue(including 250,000 held inTreasury)  15,107,250
Daily quotes : Financial Times, Daily Telegraph
Valuations : Bi-monthly
Fees -management : 0.75 p.a charged monthly,  performance fee ; yes
          administration/secretarial :0.25pa

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