Interim Management Statement

NEW STAR INVESTMENT TRUST                            

                    Unaudited Interim Management Statement                     

                     for the quarter ended 31st March 2011                     

This is the Company's interim management statement for the quarter ended 31st
March 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 Index and the FTSE All-Share Index.

Financial summary

                                           31st March 2011   31st December 2010
                                                                               
Net asset value per share (bid) (p)                 106.35               107.30
                                                                               
Net assets (bid) (£'000)                            75,536               76,208
                                                                               
Share price (bid) (p)                                74.75                81.25

Financial performance

                                             Quarter ended    Nine months ended
                                                                               
                                           31st March 2011      31st March 2011
                                                                               
                                                  % change             % change
                                                                               
Ordinary share net asset value                       -0.89                11.13
                                                                               
Share price                                          -8.00                 6.79
                                                                               
FTSE World Total Return Index (sterling               2.20                21.87
adjusted)                                                                      
                                                                               
FTSE All-Share Total Return Index                     1.03                23.27

Ten largest holdings

                                                  Value at      % of net assets
                                                                               
                                           31st March 2011                     
                                                                               
                                                   (£'000)                     
                                                                               
Henderson Euro Special Situations                    7,648                10.13
                                                                               
Blackrock Gold & General                             6,850                 9.07
                                                                               
Occam Asia Focus                                     4,336                 5.74
                                                                               
Investec Africa                                      4,238                 5.61
                                                                               
Polar Global Technology                              3,364                 4.45
                                                                               
Atlantis China                                       3,279                 4.34
                                                                               
Henderson Private Equity                             2,907                 3.85
                                                                               
Artemis Special Situations                           2,797                 3.70
                                                                               
M&G Optimal Income                                   2,704                 3.58
                                                                               
Trojan                                               2,701                 3.58
                                                                               
TOTAL                                               40,845                54.05

Capital structure

The Company has a simple capital structure consisting of Ordinary shares of £
0.01 nominal each in issue. There have been no changes to the Company's issued
or authorised share capital, which remain at 305,000,000 Ordinary shares
authorised, and 71,023,695 Ordinary shares issued.

Material events

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

NAV at 30th April 2011

At 30th April 2011, the net asset value per share on a bid basis was 107.00p.

Further information on the Company, including interim and annual reports, and
interim management statements, can be obtained from the New Star Investment
Trust plc's website at www.nsitplc.com.

By order of the Board

Phoenix Administration Services Limited- Corporatesecretary

12th May 2011

For information purposes, the above interim management statement has been put
on the Company's website: www.nsit.com