Portfolio Update

NEW STAR INVESTMENT TRUST PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments as at 31st December 2004 and
where appropriate, any investment with a value greater than 5% of the Company's
gross assets:

Name of company Class of share

NEW STAR INVS EUROPEAN GROWTH FUND*                   UNIT TRUST           
                                                                           
NEW STAR INVS UK GROWTH FUND *                        UNIT TRUST           
                                                                           
NEW STAR ASSET MANAGEMENT*                            ORD 'A' SHARES       
                                                                           
NEW STAR UK ALPHA FUND*                               UNIT TRUST           
                                                                           
NEW STAR EURO HEDGE FUND*                             UNIT TRUST           
                                                                           
NEW STAR ASSET MANAGEMENT (BERMUDA) HEDGE FUND*       UNIT TRUST           
                                                                           
NEW STAR INV FD SELECT OPPS FUND                      UNIT TRUST           
                                                                           
NEW STAR GLOBAL WEALTH MGT HEDGE FUND                 UNIT TRUST           
                                                                           
NEW STAR GLOBAL BRITISH LION PORTFOLIO                UNIT TRUST           
                                                                           
NEW STAR GLOBAL FINANCIALS FUND                       UNIT TRUST           

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