Interim Management Statement

NEW STAR INVESTMENT TRUST PLC

Unaudited Interim Management Statement for the quarter ended 30 September 2014

This is the Company's interim management statement for the quarter ended 30
September 2014. 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.

Performance Indicators

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 IMA Mixed Investment 40 - 85% Shares Index. The Board also considers the
MSCI AC World Total Return Index and the MSCI UK Total Return Index.

Financial summary                                                              
                                                                               
                                          30 September 2014        30 June 2014
                                                                               
Net asset value per share (bid) (p)                  107.61              107.33
                                                                               
Net assets (bid) (£'000)                             76,432              76,227
                                                                               
Share price (p)                                       72.50               71.50

Financial performance                                                          
                                                                               
                                              Quarter ended   Financial year to
                                          30 September 2014                date  
                                                   % change            % change         
                                                                               
                                                                               
                                                                               
Ordinary share NAV                                     0.26                0.26
                                                                               
Share price                                            1.40                1.40
                                                                               
IMA Mixed Investment 40-85% Shares                     0.71                0.71
Index                                                                          
                                                                               
MSCI AC World Total Return Index                       3.15                3.15
                                                                               
(sterling adjusted)                                                            
                                                                               
MSCI UK Total Return Index                            -0.91               -0.91

Ten largest holdings                                                           
                                                                               
                                                   Value at                    
                                          30 September 2014                    
                                                    (£'000)     % of net assets               
                                                                               
                                                                               
                                                                               
Henderson Euro Special Situations                     7,640               10.00
                                                                               
Fundsmith Equity                                      5,341                6.99
                                                                               
Artemis UK Special Situations                         3,947                5.16
                                                                               
FP Brompton Global Conservative                       3,372                4.41
                                                                               
Aberforth Geared Income                               3,152                4.12
                                                                               
Trojan                                                3,056                4.00
                                                                               
Blackrock Gold & General                              3,040                3.98
                                                                               
Aquilus Inflection Fund                               2,543                3.33
                                                                               
Investec Africa                                       2,533                3.31
                                                                               
First State Indian Subcontinent                       2,290                3.00
                                                                               
                                                   --------            --------
                                                                               
Total                                                36,914               48.30

Cash, as a percentage of net assets, at 30 September 2014 was 14.90% (30 June
2014: 14.65%).


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 1 July
2014 and the date of this statement's publication, other than as disclosed
above.

NAV at 31 October 2014

The Company's published net asset value per share at 31 October 2014 was
107.04p.



By order of the Board
Phoenix Administration Services Limited
Corporate Secretary

6 November 2014



END

For information purposes, the above unaudited interim management statement has
been uploaded onto the Company's website at: www.nsitplc.com.