Portfolio Update

NEW STAR INVESTMENT TRUST PLC

In accordance with Listing Rule 15.6.8 (1), New Star Investment Trust PLC
announces that the following is a list of all investments held at 31 December
2008 in listed closed-ended investment funds which do not have stated
investment policies to invest no more than 15% of their total assets in other
listed closed-ended investment funds.

Name                                                       % of Total Assets
                                                                            
New Star Private Equity Investment Trust PLC                             1.6