Top Ten Investments

Capital Gearing Trust PLC
1 September 2004

Top Ten Investments

In accordance with the listings Rule 21.20(l)(i). Capital Gearing Trust plc 
announces that as at 31 August 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
BFS Absolute Return Zero Pref                              1.49% 
London & St Lawrence                                       1.40% 
Martin Currie Capital Return 'A'                           1.35% 
Hansa Trust 'A'; Ordinary                                  0.56% 
Utilico Zero Pref                                          0.46%

Total                                                      5.26%

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

Company                                          Percentage of portfolio

Kingdom of Sweden Index-Linked 3.5% 2028                   6.97%
Jupiter Split Trust Zero Pref                              6.45%
France OAT 5.5% 2029                                       5.40% 
German Bund 4.75% 2028                                     4.85% 
Aberdeen Development Capital Zero Pref                     4.47% 
USA TIPS 3.625% 2028                                       3.32% 
German Bund 4% 2009                                        3.30% 
Canada Index-Linked 4.0% 2031                              3.14% 
Premium Trust Zero Pref                                    2.80% 
Rutland Trust                                              2.60%
 
Total                                                     43.30% 

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



Enquires

Andrew Kane 
Ernst & Young LLP 
01582 643272




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