Interim Management Statement

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

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

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

For the period from  1 May 2009  to the 31  July 2009, the  Company's
Total Assets increased by 3.2 per  cent.* compared to an increase  of
8.3 per cent. for the Company's benchmark index**.

Manager's Review

The UK equity market continued to rally in May as investors sought
greater exposure to risk. This was despite another month of poor
economic and unemployment data. Markets also enjoyed a tailwind from
quantitative easing in the UK and US, which actively encouraged
investors to buy bonds and equities.

However, the market drifted  lower in June, with  the FTSE All  Share
Index returning -3.6 per  cent. in that month.  As the economic  news
became more ambiguous so leadership within the stock market  changed.
Economically sensitive stocks fell  back and more defensive  holdings
prospered.

Share prices surged in July as confidence that we have seen the worst
of the recession grew.  Optimism for a  global recovery continued  to
build and the FTSE All Share  Index returned 8.4 per cent. The  rally
was again driven by cyclical stocks, including banks and miners.  Two
particular forces were  at work.  First, there  was growing  evidence
that economies had at  least stabilised and  had probably started  to
recover. Second, investors held large amounts of cash, a  consequence
of the turmoil that they experienced in 2008.

In the portfolio  we remained defensively  positioned with around  28
per cent. in cash and other  liquid assets. We added to our  holdings
in Admiral and Imperial Tobacco and opened a new position in Unilever
where the new chief executive  has initially focused on cost  savings
and cash flow. We took profits in Sanofi-Aventis and Majestic Wine.

Anthony Nutt
Fund Manager, Jupiter Asset Management Limited





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









Total Assets as at 31 July 2009: £58,219,535

Shares in issue on 31 July 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      | 10.04     |           | (18%)      |
| income/expenses              |           |           |            |
|------------------------------+-----------| 8.25      |------------|
| Geared Income including      | 5.78      |           |            |
| income/expenses              |           |           |            |
|------------------------------+-----------+-----------+------------|
| Packaged Units excluding     | 92.68     |           | (10%)      |
| income/expenses              |           |           |            |
|------------------------------+-----------| 83.00     |------------|
| Packaged Units including     | 88.42     |           |            |
| income/expenses              |           |           |            |
|------------------------------+-----------+-----------+------------|
| Zero Dividend Preference     | 82.64     | 80.50     | (3%)       |
| shares                       |           |           |            |
+-------------------------------------------------------------------+


Portfolio Distribution on 31 July 2009 Percentage of Total Assets


United Kingdom          68%
Europe                  2%
Cash and fixed interest 30%
                        100%


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

Top Ten Holdings on 31 July 2009


Company                    Country of Listing % of Total Assets
BP                         United Kingdom     8.4
Royal Dutch Shell 'B'      United Kingdom     6.8
Astrazeneca                United Kingdom     5.6
Vodafone                   United Kingdom     5.5
Glaxosmithkline            United Kingdom     5.4
BT Group                   United Kingdom     4.2
Scottish & Southern Energy United Kingdom     3.9
Centrica                   United Kingdom     3.2
Admiral Group              United Kingdom     3.0
Logica                     United Kingdom     2.9
                                              _____
                                              48.9


Comparative Performance to 31 July 2009


+-------------------------------------------------------------------+
|              | 1     | 3      | 1 Year | 3      | Since  | Since  |
|              | Month | Months |        | Years  | Last   | Launch |
|              |       |        |        |        | Annual |        |
|              |       |        |        |        | Report |        |
|--------------+-------+--------+--------+--------+--------+--------|
|              | %     | %      | %      | %      | %      | %      |
|--------------+-------+--------+--------+--------+--------+--------|
| Total        | 3.8   | 3.2    | (13.9) | (24.3) | 0.0    | (8.0)  |
| Assets*      |       |        |        |        |        |        |
|--------------+-------+--------+--------+--------+--------+--------|
| FTSE         | 8.4   | 8.3    | (14.4) | (21.7) | 7.8    | 2.4    |
| All-Share    |       |        |        |        |        |        |
| Index        |       |        |        |        |        |        |
|--------------+-------+--------+--------+--------+--------+--------|
| Geared       | 40.8  | 16.6   | (67.3) | (82.1) | (30.2) | (74.6) |
| Income Share |       |        |        |        |        |        |
| NAV          |       |        |        |        |        |        |
|--------------+-------+--------+--------+--------+--------+--------|
| Geared       | 17.9  | 17.9   | (69.4) | (81.9) | (38.9) | (79.4) |
| Income Share |       |        |        |        |        |        |
| Price        |       |        |        |        |        |        |
+-------------------------------------------------------------------+

* adjusted for share issue in November 2004 and June 2005
Material Events

Future of the Company  - as commented by  the Chairman in the  recent
Interim Report a circular has  been posted to shareholders  detailing
proposals for  the  winding up  and  reconstruction of  the  Company.
Details of the  proposals are  available at  www.jupiteronline.co.uk.
Shareholders meetings  will  take place  on  23 October  2009  and  3
November 2009.

Interim Dividend  - the directors have resolved to declare an interim
dividend for the year ending 31 October 2009 of 0.8p (net) per Geared
Income share, payable on 20 October  2009. The dividend will be  paid
to Geared Income shareholders (and to holders of Geared Income shares
within the Company's Packaged  Units) who appear  on the register  of
shareholders on 25 September 2009. This interim dividend is  expected
to  comprise   substantially   all   of   the   Company's   available
distributable revenues and carried forward revenue reserves as at the
end of September 2009. Any revenues which arise after the Company has
been placed  into  liquidation will  form  part of  the  Liquidators'
retention (for eventual distribution to Geared Income Shareholders by
the Liquidators).


Availability of Monthly Fact Sheets

Monthly factsheets 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
17 September 2009

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