Rule 2.10 Announcement

Capital Gearing Trust PLC
5 May 2004



To whom it may concern

CAPITAL GEARING TRUST plc


Top Ten Investments


In accordance with the listings Rule 21.20 (1)(i). Capital Gearing Trust plc
announces that as at 30 April 2004 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

Martin Currie Portfolio Investment Trust                       2.61%
Martin Currie Capital Return 'A'                               2.11%
London & St Lawrence                                           1.42%
Hansa Trust 'A; Ordinary                                       0.73%
Govett European Zero Pref                                      0.70%
BFS Absolute Return Zero Pref                                  0.33%

Total                                                          7.90%


In accordance with Listing Rule(I)(ii). Capital Gearing Trust plc announces
that at 31 March 2004 the ten largest investments were as follows:

Company                                                 Percentage of portfolio

Kingdom of Sweden Index - Linked 3.5% 2028                     6.76%
Jupiter Split Trust Zero Pref                                  6.48%
German Bund 4.75% 2028                                         5.67%
France OAT 5.5% 2029                                           5.39%
Aberdeen Development Capital Zero Pref                         4.44%
USA TIPS 3.625% 2028                                           2.81%
France OAT 5.57% 2032                                          2.81%
Canada Index-Linked 4.0% 2031                                  2.63%
Premium Trust Zero Pref                                        2.61%
Martin Currie Portfolio Investment Trust                       2.61%

Total                                                         42.21%

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


Enquires

Andrew Kane 
Ernst & Young LLP 
01582 643272




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