Portfolio update

Top Ten Investments

In accordance with Listing Rule 15.6.8R (2), Capital Gearing Trust
plc announces that as at 5 October 2007 the ten largest investments
were as follows:


Name                                          Percentage of portfolio
Sweden ( Kingdom of ) 3.5% Bonds 01/12/28              5.76%
Treasury 2.5% Index Linked 2013                        4.18%
France (Govt of ) 5.5% OAT 25/04/29                    4.11%
Life Offices Opportunities Trust                       3.92%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28               3.76%
Canada ( Govt. of ) 4% Index-Linked 01/12/31           2.93%
Switzerland (Govt of) 2% Bonds 2014                    2.78%
North Atlantic Smaller Companies                       2.73%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                2.46%
Utilico Finance LTD Zero Div Pref 31.10.2012           2.42%

Total                                                 35.06%


It should be noted that the above percentages are calculated using
'bid prices'.

Enquiries

Shanny Looi, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 9 October 2007

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