Portfolio Update

Capital Gearing Trust PLC
01 May 2007


Top Ten Investments


In accordance with Listing Rule 15.4.11(1), Capital Gearing Trust plc announces
that as at 30 April 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                         2.43%
London & St Lawrence Investment Company Ord                    1.56%
Advance Developing Markets Trust                               1.52%
Advance UK Trust                                               1.47%
Eclectic Investment Trust                                      0.36%

Total                                                          7.34%


In accordance with Listing Rule 15.4.11(2), Capital Gearing Trust plc announces
that as at 30 April 2007 the ten largest investments were as follows:

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

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                      5.81%
France (Govt of ) 5.5% OAT 25/04/29                            4.24%
TR Property Investment Trust                                   3.98%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                       3.86%
Life Offices Opportunities Trust                               3.56%
Switzerland (Govt of) 2% Bonds 2014                            2.82%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                   2.80%
North Atlantic Smaller Companies                               2.64%
Utilico Investment Trust Zero Div Pref                         2.43%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                        2.43%

Total                                                         34.58%



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


1 May 2007








                      This information is provided by RNS
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