ECL Eclipse Vct

    Interim Management Statement
             



Eclipse VCT
plc ("Eclipse" or "Fund")
27 March 2008

Interim Management Statement
For the period from 1 December 2007 to 29 February
2008

In accordance with Rule 4.3 of the UK Listing
Authority's Disclosure and Transparency rules, Eclipse presents its
Interim
Management Statement for the period 1 December 2007 to 29 February
2008.  The statement also includes relevant
financial information between the end of the period and the date of
this
statement.

Financial
highlights


                                  As at 29 As at 30 November As at 31
                             February 2008              2007 May 2007

Total net assets                    �36.6m            �37.3m   �39.1m
Net asset value per share          116.6p*            118.3p   126.1p
Cumulative dividends paid
since launch                         10.7p             10.7p     6.7p
Share price                          97.0p            110.0p    95.0p
Discount to Net Asset Value
("NAV")                              16.8%             10.7%    27.8%

*This is the cum-dividend NAV.  The Fund went ex-dividend on 29
February 2008
and the ex-dividend NAV is therefore 113.6p, implying the share price
traded at
a 14.6% discount to NAV.

Investment
performance

In what has been turbulent times in the stock markets
over the last six to eight months, particularly arising from concerns
over the
sub-prime mortgage lending in the US, this has had an impact on the
volatility
of the share prices of UK smaller companies listed on AIM, and the
holdings
within the Fund's quoted portfolio have not been immune.  The
unaudited cum-dividend NAV per share on 29
February 2008 was 116.6p, slightly down on the prior year end NAV of
126.1p and
also on the half-year NAV at 118.3p. By value of the Fund, the net
assets were
approximately 47% invested in unquoted companies and 20% invested in
AIM-quoted
companies, with the balance invested in money market securities and
cash.  However, in terms of HM Revenue & Customs
VCT compliance, the Fund was nearly 87% invested in qualifying
assets.  A dividend of 3.0p per share was paid on 21
March 2008, taking total dividends paid since launch to 13.7p.  The
manager continues to actively monitor
both the unquoted and AIM-quoted portfolios and believes they will
yield attractive
returns over the medium to long-term time horizon.

Investment
Activity

Since the half-year end at 30 November 2007, over �2.7
million has been invested into unquoted companies, with �2.25 million
into
three new qualifying companies and the remainder into existing
portfolio
companies.  Furthermore, the Fund has
successfully exited from Gyro International Limited, although a
restructuring
of the investment in NPI Media Group Limited into The History Press
Limited
realised a loss.

In the AIM portfolio, the investment in BBI Holdings
plc has been completely disposed of, crystallising a �64,000 gain,
and the
investment in Cello Group plc reduced, realising a profit of over
�44,000.

The new investments in the unquoted portfolio
comprised �286,000 in Bruce Dunlop Associates, an advertising media
agency,
�330,600 in Tristar Worldwide Limited, a global chauffeur service
provider, and
over �1.1 million in The History Press Limited, a publishing firm for
specialist books, with a further commitment provided by way of
guarantee of
�529,000 to be drawn down upon predetermined criteria.

Follow on investments occurred in Lilestone Holdings
Limited, Sweet Cred Holdings Limited and First Sports Retail Limited.

As mentioned, there have been two significant unquoted
company exits and one floatation.  Gyro
International Limited was bought by a US private equity firm,
allowing
Eclipse to crystallise a profit of over �2.8 million.  NPI Media
Group Limited was not so successful
and this investment generated a loss at the time of exit.  Plastics
Capital Limited floated on the AIM
market crystallising a profit of over �1.1 million for the Fund.
Eclipse remains a shareholder in the company
with a holding worth over �786,000.

The total value of the AIM-quoted and unquoted investment
portfolio at 29 February 2008 was �24.6 million.

Ten largest qualifying
holdings


Company           Investment class    Carrying    Percentage of total
                                   value �'000          investments*
Reading Room
Limited                   Unquoted       2,031                   5.5%
Luther Pendragon
Limited                   Unquoted       1,720                   4.7%
The History Press
Limited                   Unquoted       1,633                   4.4%
Lilestone
Holdings Limited          Unquoted       1,097                   3.0%
The Kendal Group
Limited                   Unquoted       1,204                   2.8%
Perfect Pizza
Limited                   Unquoted       1,000                   2.7%
The Grill Group
Limited                   Unquoted         992                   2.7%
CSL DualCom
Limited                   Unquoted         983                   2.7%
Sweet Cred
Holdings Limited          Unquoted         914                   2.5%
Adrenalin Design
Limited                   Unquoted         910                   2.5%

* Including cash and money market securities

Dividends

As stated in the half-yearly report for the period to 30
November 2007, a dividend of 3p per share was declared which was to
be paid to shareholders
who were on the register on 29 February 2008.
This was paid on 21 March 2008.

Investment
objective

Eclipse invests in a diversified portfolio of unquoted
and AIM-quoted UK
companies with the intention of providing attractive tax-free
dividends and
long-term capital growth to its investors.

Material
events and transactions

Other than the investment activities and dividends
stated above, the Fund purchased 403,576 of its own shares for
cancellation in
February 2008 at 100.0p per share.
The Fund also allotted 249,397 shares at 126.7p per
share on 4 December 2007 and 231,731 shares at 121.7p per share on 22
January
2008.

The Board are not aware of any further material events
or transactions between 1 March 2008 and the date of this report.

For further information please contact:

Octopus Investments Limited
Celia Whitten, Company Secretary                            020 7710
2800


END

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