Portfolio Update

Capital Gearing Trust PLC
02 February 2007


Top Ten Investments


In accordance with Listing Rule 15.4.11(1), Capital Gearing Trust plc announces
that as at 31 January 2007 it had the following holdings in other UK listed
investment companies (including listed investment trusts) which do not have a
stated investment policy to invest no more than 15% of their gross assets in
other listed UK investment companies (including listed investment trusts):

Name                                                 Percentage of portfolio
------                                                ------------------------

Utilico Investment Trust Zero Div Pref                                    2.48%
London & St Lawrence Investment Company Ord                               1.54%
Advance UK Trust                                                          1.45%
Advance Developing Markets Trust                                          1.44%

Total                                                                     6.90%


In accordance with Listing Rule 15.4.11(2), Capital Gearing Trust plc announces
that as at 31 January 2007 the ten largest investments were as follows:

Company                                               Percentage of portfolio
---------                                             ------------------------

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                                 5.82%
France (Govt of ) 5.5% OAT 25/04/29                                       4.29%
TR Property Investment Trust                                              4.09%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                                  3.91%
Life Offices Opportunities Trust                                          3.43%
North Atlantic Smaller Companies                                          2.74%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                              2.73%
Premier Utilities Trust Zero Div Pref                                     2.59%
Utilico Investment Trust Zero Div Pref                                    2.48%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                                   2.43%

Total                                                                    34.50%



There were no additional investments with a value greater that 5% of the
Company's portfolio.

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


Enquiries

Alice Parker
Tel: [phone]
TMF Corporate Secretarial Services Limited

2 February 2007




                      This information is provided by RNS
            The company news service from the London Stock Exchange