Top Ten Investments

Capital Gearing Trust PLC
08 January 2004



RNS Number:
Capital Gearing Trust Plc
7th January 2004



Capital Gearing Trust Plc


In accordance with Listing Rule 21.20 (l) (i), Capital Gearing Trust Plc
announces that as at 31 December 2003 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                                                    Market Value (£)     Percentage of portfolio


Martin Currie Portfolio Investment Trust                     £1,571,700                3.88%
Rutland Trust                                                £1,032,500                2.55%
Martin Currie Capital Return 'A'                              £994,125                 2.46%
London & St. Lawrence                                         £579,000                 1.43%
Govett European Zero Pref                                     £257,063                 0.63%
Hansa Trust 'A' Ordinary                                      £247,600                 0.61%
BFS Absolute Return Zero Pref                                 £122,500                 0.30%


Total                                                                                  11.86%


In accordance with Listing Rule 21.20 (l) (ii), Capital Gearing Trust Plc
announces that at 31 December 2003 the ten largest investments were as follows:



Company                                                 Market Value (£)      Percentage of Portfolio


Kingdom of Sweden Index-Linked 3.5%  2028                    £2,819,133                6.97%
Jupiter Split Trust Zero Pref                                £2,592,454                6.41%
German Bund 4.75%  2028                                      £2,404,438                5.94%
France OAT 5.5%  2029                                        £2,291,350                5.67%
Aberdeen Development Capital Zero Pref                       £1,762,218                4.36%
Martin Currie Portfolio Investment Trust                     £1,571,700                3.88%
France OAT 5.75%  2032                                       £1,181,610                2.92%
USA TIPS 3.625%  2028                                        £1,176,961                2.91%
Canada Index-Linked 4.0%  2031                               £1,066,442                2.64%
German Bund 5.625%  2028                                     £1,049,009                2.59%


Total                                                                                  44.29%



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


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