Portfolio Update

Queen's Walk Investment Limited.

Investment companies disclosure

Queen's Walk Investment Limited announces today that as at 31 March 2006 the
Company's top ten holdings were:

1.    Newgate Funding PLC, Series 2006-1                        9.24%

2.    RMAC 2004-NSP4 Plc                                              6.55%

3.    Smile 2005 Synthetic B.V.                                       6.14%

4.    Sestante Finance S.r.l.                                         5.74%

5.    Southern Pacific Financing 06-A plc                             5.70%   

6.    RMAC 2005-NS1 Plc                                               5.66%

7.    Southern Pacific Financing 05-B plc                             5.12%

8.    RASC Series 2006-KS2 Trust                                      4.82%

9.    Argent Securities Trust 2006-W1                                 4.73%

10.  Morgan Stanley ABS Capital I Inc. Trust 2005 - HE5               4.68%

 

Roger Phillips

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111