Half-yearly report

JUPITER SECOND ENHANCED INCOME TRUST PLC

Preliminary announcement of the unaudited results for the half year to 30  April
2007.

                              CHAIRMAN'S STATEMENT

I  am  pleased to confirm that the total assets of your Company's Geared  Income
shares  rose  by  10.0  per cent. from 31 October 2006 to 30  April  2007.  This
compares  favourably with the performance of the Company's benchmark,  the  FTSE
All-Share  Index, which gave a total capital return of 6.9 per  cent.  over  the
same period.

The  geared split capital structure of the Company meant that the return on  the
Net  Asset  Value of the Company's Geared Income shares increased  by  16.9  per
cent.  during  the  six months under review. Taking the dividend  payments  into
account  the Company provided Geared Income shareholders with a total return  of
18.1 per cent., with a total return on the FTSE All-Share Index of 8.3 per cent.
over the same period.

The Packaged Units are not geared by the Company's split capital structure since
they  each  comprise  one Geared Income share and one Zero  Dividend  Preference
share.  The  return on the Net Asset Value of the Packaged Units  was  10.0  per
cent. over the period.

The Zero Dividend Preference shares enjoyed an increase in their Net Asset Value
of  3.7  per  cent. over the six months under review to 70.22p. The shares  have
also  attracted  a modest premium rating of between 3.6 per cent.  and  1.8  per
cent.  on the London Stock Exchange during the period, in comparison with  their
accrued entitlement of 70.22p under the Company's Articles of Association.

As at 6 July 2007, the latest practicable date prior to the publication of these
accounts,  the estimated Net Asset Value of the Geared Income shares,  the  Zero
Dividend  Preference  shares  and the Packaged Units  were  71.55p,  71.16p  and
142.71p  respectively.  Their middle market prices on the London Stock  Exchange
were  63p, 72p and 137.25p respectively.  The increase of 12.9 per cent. in  the
Net  Asset Value of the Geared Income shares since 31 October 2006 compares with
a  return  of 2.9 per cent. on the FTSE All-Share index (in capital terms)  over
the same period.

Revenues and Dividends

Two interim dividends of 0.80p (net) have been declared in respect of the period
under  review.   In  the year ended 31 October 2006 the Company  paid  aggregate
dividends  of  3.15p (net) in respect of each Geared Income share  and  Packaged
Unit.

It is hoped by your Board that the Company will be in a position to maintain and
improve  dividend  payments to shareholders year on year subject  to  unforeseen
circumstances.

Market Review

During the period under review the UK equity market made steady progress.  Stock
markets  continued to rise in the first four months of 2007, despite a knee-jerk
correction in the last week of February when investors' risk appetite was tested
after  the market fell in dramatic fashion. Numerous events and rumours combined
to  drive markets lower had at its core two main factors. Firstly, concern  that
the authorities in Beijing would use March's National People's Congress to clear
the  way for new taxes to further cool off the property sector. Secondly,  fears
that  a  recent  spate of weak economic reports from the United  States  -  most
notably  in  the  US subprime mortgage market - were likely to undermine  global
economic  activity. The latter was underscored by the selective quoting  of  ex-
Federal Reserve Chairman Alan Greenspan.

The Bank of England raised the base rate by 0.25% to 5% in November and again  -
much to the surprise of the market - to 5.25% in January. Recent figures for the
CPI  inflation  rate have been volatile as the rise and fall of domestic  energy
prices  works  its  way though the calculations. Indeed, the annual  figure  for
March  was 3.1%, up from 1.8% a year ago and, for only the first time since  its
independence,  this triggered a letter of explanation from the Bank's  governor,
Mervyn King, to Chancellor Gordon Brown.

February is the annual reporting season for banks and can be a good indicator of
the  health of the UK consumer alongside trends in global growth. This  year  it
was  a  dull  season  for  several of the mortgage banks (single-digit  dividend
rises),  but  good  for those with a wider range of income  streams.  There  was
pleasing  dividend  growth from Barclays, which posted a 17% increase  and  from
global  operator Royal Bank of Scotland which once again raised its dividend  by
25%.  Of particular interest was that the bank had listened to shareholders  and
agreed  that  it would now return capital via increased dividends (payout  ratio
lifted to 45%) as buybacks do not benefit all shareholders equally.

In  his  final,  broadly neutral, Budget, Chancellor Brown announced  unexpected
cuts  in  income tax and corporation tax. But lower direct taxes were offset  by
higher indirect taxation resulting in a muted market reaction.

The  annual rate of UK economic growth ended the first quarter at 2.8%. This was
down  from  the 3% in the previous quarter but still above the long  term  trend
growth  rate. Consumer spending remained stronger than expected, perhaps  helped
by  an  atypically  warm April, while house price inflation  continued  to  move
upwards.

Outlook

Your  manager  has  long been of the view that a turn in  the  credit  cycle  is
coming, at a time when credit spreads remain tight, because conditions have been
benign  for  so  very long. In early June markets started to  acknowledge  their
former  complacence in mispricing risk. In the short term, investors'  pessimism
could  be  overdone  but, unlike the 1990s, many companies  and  private  equity
operators have been able to fix their borrowings favourably, over a long period.
They  will  not be forced to sell assets in any downturn. Consumers,  meanwhile,
have  become  more sensitive to statements on interest rates compared  with  the
past.  Where once rates needed to be raised aggressively, nowadays  a  lot  more
attention  is  paid  by markets and consumers to the pronouncements  of  central
bankers such as Bernanke, Trichet and King.

Your  manager  remains  comfortable in choosing to  take  positions  in  certain
property, consumer and financial stocks - often best in class - which offer long-
term value for shareholders.



Jimmy West
Chairman
16 July 2007

                                INCOME STATEMENT
                       for the six months to 30 April 2007
                                   (Unaudited)

                                                 30 April 2007                30 April 2006
                                          Revenue    Capital     Total     Revenue    Capital      Total
                                            £'000      £'000     £'000       £'000      £'000      £'000
Realised gains on investments held
at fair value through profit or loss            -      3,334     3,334           -      3,472      3,472
Unrealised appreciation of investments
held at fair value through profit or
loss                                            -      5,207     5,207           -      6,754      6,754
Income                                      1,783          -     1,783       1,807          -      1,807
                                           ______     ______    ______      ______     ______     ______
Gross return                                1,783      8,541    10,324       1,807     10,226     12,033
Investment management fee                    (445)         -      (445)       (392)         -       (392)
Investment performance fee                      -       (255)     (255)          -       (797)      (797)
Other expenses                               (185)         -      (185)       (174)         -       (174)
                                           ______     ______    ______      ______     ______     ______
Net return on ordinary activities
before finance costs and taxation           1,153      8,286     9,439       1,241      9,429     10,670
Finance costs                                  (1)    (1,552)   (1,553)          -     (1,444)    (1,444)
                                           ______     ______    ______      ______     ______     ______
Return on ordinary activities
before taxation                             1,152      6,734     7,886       1,241      7,985      9,226
Tax on ordinary activities                     (6)         -        (6)          -          -          -
                                           ______     ______    ______      ______     ______     ______
Net return on ordinary activities
after taxation                              1,146      6,734     7,880       1,241      7,985      9,226
                                           ______     ______    ______      ______     ______     ______
Return per Geared Income share               1.82p     10.72p    12.54p       1.98p     12.71p     14.69p


The total column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.

A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the above statement.

The financial information does not constitute `accounts' as defined in section
240 of the Companies Act 1985.

Dividends paid on Geared Income shares            2006           2006
1st Interim dividend                              1.60           0.6p

                                  BALANCE SHEET
                                at 30 April 2006
                                   (Unaudited)

                                                   30 April 2007      30 October 2006
                                                      (Unaudited)           (Restated)
                                                           £'000                £'000
Fixed assets
Investments at fair value through profit or loss          86,413               80,783
                                                         _______              _______
Current assets
Cash at bank                                               2,958                3,282
Debtors                                                    1,813                  216
                                                         _______              _______
                                                           4,771                3,498

Creditors: amounts falling due within one year              (525)              (1,891)
                                                         _______              _______

Net current assets                                         4,246                1,607
                                                         _______              _______
Total assets less current liabilities                     90,659               82,390

Creditors: amounts falling due
after more than one year
Zero Dividend Preference shares                          (44,114)             (42,562)
                                                         _______              _______
Net assets                                                46,545               39,828
                                                         _______              _______

Capital and reserves
Called up share capital                                      628                  628
Share premium                                              3,141                3,141
Special reserve                                           21,681               21,681
Capital reserve - realised                                 1,375                 (152)
Capital reserve - unrealised                              18,534               13,327
Revenue reserve                                            1,186                1,203
                                                         _______              _______
Total shareholders' funds                                 46,545               39,828
                                                         _______              _______
Net Asset Value per Geared Income share                    74.09p               63.40p




               RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                       for the six months to 30 April 2007
                                   (Unaudited)



                               Share      Share     Special    Capital     Capital   Revenue    Total
                             Capital    Premium     Reserve    Reserve     Reserve   Reserve
                                                              Realised  Unrealised
                               £'000      £'000       £'000      £'000       £'000     £'000    £'000
Six months to 30 April 2007(unaudited)

Balance at 1 November 2006       628      3,141      21,681       (152)     13,327     1,203   39,828
Net profit for the period          -          -           -      1,527       5,207     1,146    7,880
Dividends paid and declared
  4th interim dividend for
period ended 31 October 2006       -          -           -          -           -      (660)    (660)
  1st Interim dividend for
period ended 31 October 2007       -          -           -          -           -      (503)    (503)
                              ______    _______     _______     ______     _______    ______   ______
Balance at 30 April 2007         628      3,141      21,681      1,375      18,534     1,186   46,545
                              ______    _______     _______     ______     _______    ______   ______
For the six  months to 30
April 2006(unaudited)
Balance at 1 November 2005
(restated)                       628      7,180      17,642       (940)      4,831       550   29,891
Net profit for the period          -          -           -      1,231       6,754     1,241    9,226
Dividends paid and declared
  4th interim dividend for
period ended 31 October 2005       -          -           -         -            -      (440)    (440)
  1st  interim dividend for
year ended 31 October 2006         -          -           -         -            -      (376)    (376)
                             _______     ______      ______     _____       ______    ______   ______
Balance at 30 April 2006         628      7,180      17,642       291       11,585       975   38,301
                             _______     ______      ______     _____       ______    ______   ______


                               CASH FLOW STATEMENT
                       for the six months to 30 April 2007
                                   (Unaudited)

                                                           2007                  2006
                                               £'000      £'000     £'000       £'000
Operating activities
Net cash outflow from operating activities               (1,194)                 (121)
                                                        _______               _______

Servicing of finance
Returns on investments and finance costs                     (1)                    -

Taxation
Net tax paid                                                 (9)                    -

Capital expenditure and
financial investment
Purchase of fixed asset investments            (8,432)              (16,432)
Sale of fixed asset investments                10,475                17,300
                                              _______              ________

Net cash inflow from capital expenditure
and financial investments                                 2,043                   868
Equity dividends paid                                    (1,163)                 (816)
                                                         ______                ______
Net cash outflow before financing                          (324)                  (69)
                                                         ______                ______

Financing
Cost of share issue                                 -                   (37)
                                             ________              ________

Net cash outflow from financing                               -                   (37)
                                                        _______               _______
(Decrease)/increase in cash                                (324)                 (106)
                                                        _______               _______




The interim report will be sent to all registered shareholders and copies may be
obtained from the registered office of the Company at 1 Grosvenor Place, London,
SW1X 7JJ

By order of the Board

Jupiter Asset Management Limited

Secretaries
Enquiries:
Richard Pavry
Jupiter Asset Management Limited
020 7412 0703