Portfolio Update

NEW STAR INVESTMENT TRUST PLC

In accordance with UKLA Listing Rule 21.201 (ii), the following list represents
the Company's 10 largest investments as at 31st July 2006 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

INVESTMENT NAME                                   DESCRIPTION                
                                                                             
NEW STAR EUROPEAN GROWTH FUND*                    OEIC                       
                                                                             
NEW STAR ASSET MANAGEMENT GROUP PLC*              ORD. SHARES                
                                                                             
NEW STAR UK GROWTH FUND*                          OEIC                       
                                                                             
NEW STAR EUROPEAN HEDGE FUND LIMITED*             SHARES                     
                                                                             
NEW STAR UK ALPHA FUND                            OEIC                       
                                                                             
NEW STAR ACCELERATOR HEDGE FUND LIMITED           SHARES                     
                                                                             
NEW STAR GLOBAL FINANCIALS FUND                   OEIC                       
                                                                             
NEW STAR HIDDEN VALUE FUND                        OEIC                       
                                                                             
NEW STAR GLOBAL INVESTMENT FUNDS -                OEIC                       
                                                                             
PAN EUROPEAN EQUITY FUND                                                     
                                                                             
NEW STAR UK SPECIAL SITUATIONS FUND               OEIC                       

*Holding greater than 5% of the Company's gross assets.

END