Interim Management Statement

New Star Investment Trust PLC

Unaudited interim management statement for the quarter ended 30th September 2011


This is the company's interim management statement for the quarter ended 30th
September 2011. The statement is being made solely to comply with the
requirements of the UK Listing Authority's disclosure and transparency rules
and should not be relied upon by third parties for any other purpose.

Investment objective

The company's objective is to achieve long-term capital growth.


Benchmarks

The board has agreed that to measure the extent to which the company is
achieving its investment objective, reference should be made to the returns of
the FTSE World Total Return Index and the FTSE All-Share Total Return Index.


Financial summary                                                                                                 
                                     30th September 2011    30th June 2011     
                                                                               
Net asset value per share (bid) (p)  97.11                  106.28             
                                                                               
Net assets (bid) (£'000)             68,971                 75,484             
                                                                               
Share price (p)                      72.00                  73.13              


Financial performance                                                                                             
                                     Quarter ended          Financial year     
                                     30th September 2011    to date            
                                     % change               % change           
                                                                               
Ordinary share NAV                   -8.63                  -8.63              
                                                                               
Share price                          -1.54                  -1.54              
                                                                               
FTSE World Total Return Index        -14.97                 -14.97             
                                                                               
(sterling adjusted)                                                            
                                                                               
FTSE All-Share Total Return Index    -13.50                 -13.50             


Ten largest holdings                                                            
                                     Value at               % of net assets    
                                     30th September 2011                                              
                                     (£'000)                                                            
                                                                               
BlackRock Gold & General             6,278                  9.10               
                                                                               
Henderson Euro Special Situations    6,127                  8.88               
                                                                               
Investec Africa                      3,515                  5.10               
                                                                               
Henderson Private Equity             3,128                  4.54               
                                                                               
Trojan                               2,853                  4.14               
                                                                               
Gold Bullion Securities ETF          2,800                  4.06               
                                                                               
Polar Global Technology              2,776                  4.02               
                                                                               
M&G Optimal Income                   2,696                  3.91               
                                                                               
Artemis UK Special Situations        2,465                  3.57               
                                                                               
Atlantis China                       2,257                  3.27               
                                                                               
                                     -----                  -----         
                                                                               
Total                                34,894                 50.59              


At 30 September 2011 the company held £15.9 million in cash.


Capital structure

The company has a simple capital structure consisting of ordinary shares. There
have been no changes to the company's issued or authorised share capital, which
remains: 305,000,000 ordinary shares of £0.01 authorised and 71,023,695
ordinary shares of £0.01 issued.


Material events

There have been no material events or related party transactions between 1st
July 2011 and the date of this statement's publication, other than as disclosed
above.


NAV at 31st October 2011

The company's published net asset value per share at 31st October 2011 was
99.54p.


By order of the board

Phoenix Administration Services Limited.
Company secretary

17th November 2011

END

For information purposes, the above interim management statement has been put
on the company's website, www.nsitplc.com.