Portfolio update

Top Ten Investments

In accordance with Listing Rule 15.6.8 (2), Capital Gearing Trust plc
announces that as at 5 January 2008 the ten largest investments were
as follows:


Name                                          Percentage of portfolio
Sweden ( Kingdom of ) 3.5% Bonds 01/12/28              6.24%
France (Govt of ) 5.5% OAT 25/04/29                    4.35%
Treasury 2.5% Index Linked 2013                        4.16%
Life Offices Opportunities Trust                       4.03%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28               3.99%
Switzerland (Govt of) 2% Bonds 2014                    3.75%
Canada ( Govt. of ) 4% Index-Linked 01/12/31           2.98%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                2.58%
Utilico Finance LTD Zero Div Pref 31.10.2012           2.47%
North Atlantic Smaller Companies                       2.36%

Total                                                 36.89%


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

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

Enquiries

Alice Parker, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 16 January 2008

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