Portfolio Update

New Star Investment Trust PLC

In accordance with UKLA Listing Rule 21.20(l)(i), the following list represents
the Company's investments, as at 31st December 2004, in other UK listed
investment companies (including investment trusts) which themselves do not have
a stated investment policy to invest no more than 15% of their gross assets in
other UK listed investment companies (including investment trusts):

Name of company Class of share

BFS Absolute Return                    Zero Dividend Preference