Interim Management Statement

Jupiter Second Enhanced Income Trust PLC
 Interim Management Statement for the three months ended 31 January
                                2009

The Board of Jupiter Second Enhanced Income Trust PLC (the "Company")
is pleased  to  announce its  interim  management statement  for  the
quarter ended 31 January 2009.

The following  report relates  to the  performance of  the  Company's
investment portfolio in  the three  months leading up  to 31  January
2009.

Investment Manager's Report for the Quarter Ended 31 January 2009

For the period from 1 November 2008 to the 31 January 2009, the  loss
on the Company's Total Assets was 5.9per cent.* compared to a decline
of 4.8per cent. for the Company's benchmark index**.

Manager's Review
In November, equity markets came back from the lows of early  October
on hopes  that aggressive  and coordinated  policy responses  to  the
crisis in  western economies  and  financial markets  would  succeed.
Confidence was  boosted by  a  number of  events. Barack  Obama,  the
President-elect, announced a highly  credible Treasury team. He  also
promised that major car manufacturers  would not be allowed to  fail.
Henry Paulson, the outgoing  Treasury Secretary, reversed a  decision
not  to  purchase  US  mortgage  bonds  and  other  consumer   loans.
Confidence was also  boosted by  a surprisingly  generous bailout  of
Citigroup which did not  leave shareholders penniless.  Nevertheless,
the outlook for western  economies deteriorated sharply as  continued
blockages in the supply of credit to the financial system exacerbated
the slowdown in domestic growth.

Financial markets were again in turmoil during January. Banks on both
sides of the Atlantic came under heavy selling pressure as  investors
worried about the  potential for further  nationalisations after  the
authorities were  pushed into  a second  round of  bank bailouts.  We
expect the worst of the news  will unfold during the upcoming  annual
reporting season as  analysts digest company  outlook statements  and
belatedly downgrade their estimates.

Your Company remains defensively positioned  with around 25% in  cash
and  fixed   interest.   A  further   25%   is  invested   in   large
pharmaceuticals and oil & gas multinationals. In the face of a weaker
pound, dollar-denominated dividends  translate into  a higher  payout
for sterling investors.  We added  further to  positions in  Admiral,
where insurance rates are  hardening, Centrica and FirstGroup.  While
not immune  to the  effects of  a slowing  economy, some  55% of  the
latter's  profits  are  contract-backed.   It  remains  a   defensive
investment capable of growing its dividend.

We are invested in companies with strong balance sheets and  business
operations here and abroad  which are likely  to grow steadily  while
producing enough  spare cash  to  reward patient  shareholders.  Many
operate in areas where life goes on, even in a recession.

Anthony Nutt
Fund Manager, Jupiter Asset Management Limited

Sources:
*  Jupiter Asset Management Limited ("Jupiter")
** The Company's benchmark index is FTSE All-Share Index





Total Assets as at 31 January 2009: £54,772,476

Shares in issue on 31 January 2009:
62,822,084 Zero Dividend Preference shares
62,822,084 Geared Income shares


+-------------------------------------------------------------------+
|                              | Net Asset | Market    | Premium/   |
|                              | Value (p) | Price (p) | (Discount) |
|------------------------------+-----------+-----------+------------|
| Geared Income excluding      | 7.46      |           | 34%        |
| income/expenses              |           |           |            |
|------------------------------+-----------| 10.00     |------------|
| Geared Income including      | 6.51      |           |            |
| income/expenses              |           |           |            |
|------------------------------+-----------+-----------+------------|
| Packaged Units excluding     | 87.19     |           | (7)%       |
| income/expenses              |           |           |            |
|------------------------------+-----------| 81.25     |------------|
| Packaged Units including     | 86.24     |           |            |
| income/expenses              |           |           |            |
|------------------------------+-----------+-----------+------------|
| Zero Dividend Preference     | 79.73     | 75.00     | (6)%       |
| shares                       |           |           |            |
+-------------------------------------------------------------------+


Portfolio Distribution on 31 January 2009 Percentage of Total Assets


United Kingdom          68%
Europe                  5%
Cash and fixed interest 27%
                        100%


The Company had no exposure to other UK listed investment companies
as at 31 January 2009.

Top Ten Holdings on 31 January 2009


Company                    Country of Listing % of Total Assets
BP                         United Kingdom     8.3
Royal Dutch Shell 'B'      United Kingdom     6.6
Vodafone                   United Kingdom     6.2
Astrazeneca                United Kingdom     5.7
Glaxosmithkline            United Kingdom     4.9
Scottish & Southern Energy United Kingdom     4.5
Centrica                   United Kingdom     4.0
BT Group                   United Kingdom     3.7
ENI                        Italy              2.6
Legal & General            United Kingdom     2.2
                                              _____
                                              48.7


Comparative Performance to 31 January 2009


+-------------------------------------------------------------------+
|            | 1 Month | 3      | 1 Year | 3      | Since  | Since  |
|            |         | Months |        | Years  | Last   | Launch |
|            |         |        |        |        | Annual |        |
|            |         |        |        |        | Report |        |
|------------+---------+--------+--------+--------+--------+--------|
|            | %       | %      | %      | %      | %      | %      |
|------------+---------+--------+--------+--------+--------+--------|
| Total      | (5.1)   | (5.9)  | (25.9) | (28.8) | (5.9)  | (14.3) |
| Assets*    |         |        |        |        |        |        |
|------------+---------+--------+--------+--------+--------+--------|
| FTSE       | (5.9)   | (4.8)  | (30.7) | (29.0  | (4.8)  | (9.5)  |
| All-Share  |         |        |        |        |        |        |
| Index      |         |        |        |        |        |        |
|------------+---------+--------+--------+--------+--------+--------|
| Geared     | (41.0)  | (48.1) | (82.8) | (87.2) | (48.1) | (81.2) |
| Income     |         |        |        |        |        |        |
| Share NAV  |         |        |        |        |        |        |
|------------+---------+--------+--------+--------+--------+--------|
| Geared     | (9.1)   | (25.9) | (75.5) | (81.6) | (25.9) | (75.0) |
| Income     |         |        |        |        |        |        |
| Share      |         |        |        |        |        |        |
| Price      |         |        |        |        |        |        |
+-------------------------------------------------------------------+

* adjusted for share issue in November 2004 and June 2005

Material Events

There were no material events during the period to report.

Payment of dividends

On 31 December  2008 an interim  dividend of 3.0p  per Geared  Income
share was paid  to shareholders on  the register as  at the close  of
business on 28 November 2008.  This dividend reflected, in part,  the
distribution of the VAT recovery from HMRC. A first interim  dividend
was declared on 29 January 2009 of 1.5p per Geared Income share  that
will be paid on 31 March 2009 to shareholders on the register at  the
close of business on 4 February 2009.

Availability of Monthly Fact Sheets

Monthly fact sheets for the  Company are available for download  from
www.jupiteronline.co.uk and  by  post  or fax  on  request  from  the
company secretarial department.

The Company's  Geared  Income  shares and  Zero  Dividend  Preference
shares are listed  on the London  Stock Exchange and  the prices  are
published in the Financial Times under `Investment Companies'.

The Net Asset Values of the  Company's Geared Income shares and  Zero
Dividend Preference shares are calculated weekly and can be viewed on
the London  Stock  Exchange  website  at  www.londonstockexchange.com
(under the heading 'Market News').


Investment Objectives

The objectives of the Company are to repay the capital entitlement of
the Zero Dividend Preference shareholders and to maximise the  income
and return of capital to the Geared Income shareholders.

Investment Policy
The investment  policy  of the  Company  is  to invest  mainly  in  a
portfolio of UK listed  equities, UK equity-related securities  (such
as convertible securities,  preference shares, convertible  unsecured
loan stock,  warrants  and other  similar  securities) and  UK  fixed
interest securities.
The equities selected by the  Investment Manager as suitable for  the
portfolio  will  generally  be  those  judged  to  be  lowly  valued,
typically offering  an attractive  dividend yield  with  sufficiently
strong cash generation from their operational activities to grow  the
dividend to shareholders over  a number of  years. Such equities  are
likely to be considered by  the Investment Manager to be  undervalued
by the stock market at the time of purchase and will offer scope  for
capital gains.
The portfolio manager selects each stock on its individual merits  as
an  investment  rather  than   replicating  the  relevant   company's
weighting  within  its  benchmark,  the  FTSE  All-Share  index.  The
portfolio is therefore unlikely to represent the constituents of  its
benchmark, but  instead  is  intended to  offer  a  well  diversified
investment strategy focused on maximising returns from the prevailing
economic background.
The  portfolio  manager  has  complete  flexibility  to  invest   any
proportion of the Company's  investment portfolio in debt  securities
from  time  to  time.  Investment  in  debt  securities  will  be  in
convertible bonds, corporate bonds and other debt securities (such as
gilts)  considered  by  the  Investment  Manager  to  be   quasi-cash
instruments. Investment  in bonds  issued by  corporate issuers  will
generally  be  in  those  of  issuers  which  are  either  rated   as
"investment grade"  issuers  or  are  considered  by  the  Investment
Manager to have an equivalent grade. The Investment Manager may  also
invest in  sub-investment grade  corporate bonds  where it  considers
that their  ratings are  likely  to improve.  The percentage  of  the
portfolio  invested  in  debt  securities  at  any  given  time  will
primarily be driven by tactical  considerations but will also  depend
upon the outlook for interest rates  and the scope for improved  debt
ratings.
It is the Company's policy to invest no more than 15 per cent. of its
total assets  in other  UK listed  closed-ended investment  funds  as
defined in section 15.6.8 of the Listing Rules.
Any material change in the investment policy of the Company described
above may  only be  made  with the  approval  of Shareholders  by  an
ordinary resolution and the separate class approval of Geared  Income
Shareholders.

For further information, please contact:

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
[e-mail]
020 7314 4822

Faith Pengelly
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
020 7314 4915

The Company's Registered office is at 1 Grosvenor Place, London  SW1X
7JJ.

This interim management statement has been prepared solely to provide
information to meet  the requirements of  the UK Listing  Authority's
Disclosure and Transparency Rules.


Jupiter Asset Management Limited
19 March 2009

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