Interim Results

Jupiter Investment Trust PLC
18 January 2001

Jupiter Investment Trust PLC Stock Exchange Announcement

Preliminary announcement of unaudited results for the half year to 5th
November 2000.



                             CHAIRMAN'S STATEMENT




During the six months period to 5th November 2000 your Company's total assets
rose by 5.7% (adjusted for new capital) to £116.6 million. This compares with
a 2.3% rise in the FTSE World Index and 3.1% rise in the FTSE All-Share Index.

Net revenue before tax for the six month period was £1.88 million. Your
directors are not recommending the payment to shareholders of an interim
dividend.

The stock market, as measured by the FTSE All-Share Index, has hardly moved
over the six months under review. This has, however, masked a high level of
volatility much of which has been attributable to the performance of the TMT
sector (technology, media and telecoms) which account for approximately 25% of
the FTSE All-Share Index. The Monetary Policy Committee has left interest
rates unchanged at 6% since February. UK economic data, such as house prices,
average earnings growth and manufacturing output are pointing to an economic
slowdown. In the US, however, a recent reduction in interest rates has been
made in order to lessen the risk of recession.

In these uncertain times a cautious view has been taken of investment and
there has been a slow and gradual shift of the investment portfolio from gilts
into equities. As at the 5th November, 51% of the assets were invested in
shorter dated gilts and the remainder invested in a diversified portfolio of
equity based unit trusts, an investment trust, two hedge funds and a selection
of primarily blue chip UK equities. Since the end of the period under review
most major equity markets have experienced small declines, and this weakness
has been used to buy a number of high growth, well managed companies.

The directors have agreed to terminate the management agreement with Jupiter
Asset Management Limited and to appoint New Star Asset Management Limited
('New Star') as managers. This change is being made following the agreement
between Jupiter International Group PLC, the parent company of Jupiter Asset
Management Limited and Mr John Duffield, the previous Chief Executive Officer
of Jupiter International Group PLC and Chairman of the Company, to transfer
the management of your Company to New Star.

New Star is a new investment company set up by Mr Duffield. Mr Alan Miller,
formerly a main board director and senior investment manager of Jupiter, will
join New Star. Mr Miller will continue to manage your Company.

It is proposed that the name of the Company be changed to New Star Investment
Trust PLC at an EGM called for 25th January 2001.

I am pleased to welcome to the board Simon Baker and John Stevenson who were
appointed directors of your Company on 22nd November 2000.



J Duffield

Chairman

18th January 2001

                    CONSOLIDATED STATEMENT OF TOTAL RETURN

                     (incorporating the Revenue Account)

                   for the six months to 5th November 2000

                                 (Unaudited)





                                        Revenue        Capital          Total
                                        £'000          £'000            £'000
Realised gains on investments           ____           479              479
Movement on unrealised appreciation     ____           1,790            1,790
of investments
Exchange gains                          ____           2,176            2,176
Income from investments                 1,961          ____             1,961
Other income                            315            ____             315

GROSS REVENUE AND CAPITAL
GAINS                                   2,276          4,445            6,721
Investment management fees (incl VAT)   (344)          ____             (344)
Other administrative expenses           (47)           ____             (47)

RETURN ON ORDINARY ACTIVITIES
BEFORE FINANCE COSTS AND TAXATION       1,885          4,445            6,330
Interest payable                        (4)            ____             (4)

RETURN ON ORDINARY
ACTIVITIES BEFORE TAXATION              1,881          4,445            6,326
Tax on ordinary activities              (543)          ____             (543)

RETURN ON ORDINARY
ACTIVITIES AFTER TAXATION               1,338          4,445            5,783
Dividends                               ____           ____             ____

TRANSFER TO RESERVES                    1,338          4,445            5,783


RETURN PER ORDINARY SHARE               1.2p           4.1p             5.3p




                          CONSOLIDATED BALANCE SHEET

                           as at 5th November 2000



                                               5th November        5th May

                                               2000                2000

                                               (unaudited)         (audited)
                                                       £'000              £'000
FIXED ASSETS
Investments                                          114,936             21,298

CURRENT ASSETS
Debtors                                                2,531                 32
Cash at bank                                             109             94,043

                                                      ______             ______
                                                       2,640             94,075
CREDITORS: amount falling due within one year
                                                       (909)           (21,681)
                                                    ________           ________

NET CURRENT ASSETS                                     1,731             72,394

TOTAL ASSETS LESS CURRENT
LIABILITIES                                          116,667             93,692

CAPITAL AND RESERVES
Called up share capital                                1,098                932
Share premium account                                108,863             91,837
Capital reserve- unrealised                            2,088                298
Capital reserve - realised                             3,246                591
Revenue reserve                                        1,372                 34

SHAREHOLDERS' FUNDS                                  116,667             93,692

NET ASSET VALUE PER ORDINARY
SHARE                                                106.24p            100.57p



                       CONSOLIDATED CASH FLOW STATEMENT

                   for the six months to 5th November 2000




                                                                          £'000
OPERATING ACTIVITIES
Net cash outflow from operating activities                                (859)
                                                                        _______
SERVICING OF FINANCE
Interest paid                                                               (4)
                                                                         ______
TAXATION
Net tax paid                                                               (69)
                                                                        _______
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of fixed asset investments                                   (143,770)
Sale of fixed asset investments                                          31,400
                                                                        _______
Net cash outflow from capital expenditure and financial investment    (112,370)
                                                                       ________
Net cash outflow before financing                                     (113,302)
                                                                        _______
FINANCING
Proceeds of shares issued                                                17,222
Costs of share issue                                                       (30)
                                                                        _______
Net cash inflow from financing                                           17,192
                                                                        _______
Decrease in cash                                                       (96,110)
                                                                         ======
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET NET FUNDS

Decrease in cash in period                                             (96,110)
Exchange rate effects                                                     2,176
Net funds at 5th May 2000                                                94,043

Net funds at 5th November 2000                                              109
                                                                            


The interim report will be sent to all registered shareholders and copies may
be obtained from the registered office of the Company at 1 Grosvenor Place,
London, SWIX 7JJ

BY ORDER OF THE BOARD

JUPITER ASSET MANAGEMENT LIMITED

SECRETARIES



End