Portfolio Update

RNS Number:0197F
New Star RBC Hedge250 IDX (3X GBP)
02 October 2007

                                   HEDGE ETS

            New Star RBC Hedge 250 Index Exchange Traded Securities

                                  PCC Limited



  (A closed-ended investment company incorporated in Guernsey with registered
number 45501 under the provisions of The Companies (Guernsey) Laws 1994 to 1996
      and The Protected Cell Companies Ordinance 1997 to 1998, as amended)



2nd October 2007



LARGEST INVESTMENTS



In accordance with Listing Rule 15.6.8(2), New Star RBC Hedge 250 Index Exchange
Traded Securities (the "Company") announces that at 30 September 2007 the
following comprised the Company's directly held investments.


1X Cell
                                                                         Percentage of

Investment                                                                total assets
US Treasury Bill 3.85% 11/10/2007                                                85.1%
New Star RBC Hedge 250 Index swap                                                -0.7%
Cash                                                                             17.2%


3X Cell
                                                                         Percentage of

Investment                                                                total assets
US Treasury Bill 3.85% 11/10/2007                                                91.0%
New Star RBC Hedge 250 Index swap                                                -2.3%
Cash                                                                             16.6%





The above information is based on the estimated total assets of the Company as
at 30 September 2007.



The index administrator of the RBC Hedge 250 Index has yet to determine the
value of the RBC Hedge 250 Index as at 30 September 2007. The value of the New
Star RBC Hedge 250 Index swap is therefore an estimated value



Enquiries



Alison J Bilham, HSBC Securities Services (Guernsey) Limited

Tel: + 44 (0)1481 707213



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