DCR Defined Cap.

RNS Number:4563Q
Defined Capital Return Fund Ltd
19 March 2008



The Defined Capital Return Fund Limited

Interim Management Review for the three months ended 31 January 2008

The Board of The Defined Capital Return Fund Limited (the "Company") is pleased
to announce its interim management review for the three months ended 31 January
2008.



Total Net Assets

31 January 2008                 31 October 2007           Increase / (Decrease)

�33,356,347                     �33,146,654               0.63%



Ordinary Shares in Issue on 31 January 2008



28,000,000 shares

                                          31 January 2008       31 October 2007    Increase / (Decrease)

Accrued Entitlement per Share under the   122.41                120.50                1.59 %
Defined Capital Return (p)
Net Asset Value per Share (p)             119.13*               118.38                0.63 %
Market Price per Share (p)                119.75                118.50                1.05 %
Premium / (Discount) to NAV                 0.52                  0.10





* Unaudited. The Net Asset Value is calculated on the basis of market valuations
of the Company's portfolio holdings supplied by UBS AG.



Portfolio Holdings on 31 January 2008


Company                                                                          % of Total Net Assets


Bayerische Landesbank FRN 30/10/2009                                             14.94
Depfa Bank FRN 30/10/2009                                                          8.95
HBOS Treasury SVS FRN 30/10/2009                                                 14.95
NIB Capital Bank FRN 30/10/2009                                                  14.87
Royal Bank of Scotland FRN 30/10/2009                                            14.94
Spintab FRN 30/10/2009                                                           14.93


Total                                                                            83.58



Where "FRN" means Floating Rate Note.



Investment Objective and Policy



The investment objective of the Company is to provide ordinary Shareholders with
a defined capital payment per share of 136.49 pence ("Defined Capital Return")
at the winding-up date. This return will be contingent on the level of the FTSE
100 at the end of the life of the Company. Provided that the FTSE 100 on the
winding-up date is not below 85% per cent of its level on the start date of
4,615.40 ("Start Value"), Shareholders will receive the Defined Capital Return
on or soon after 2 November 2009.

The Company has and will continue throughout its life to be invested in a
portfolio of at least 6 medium term floating rate notes ("Bonds") which pay
interest gross. The interest received from these Bonds is used to meet ongoing
costs and to fund payments due under the FTSE Transaction which it has entered
into with UBS AG ("FTSE Transaction Counterparty"). Under the FTSE Transaction,
the Company swaps periodic amounts based on the interest return received by it
in respect of the Bonds with the FTSE Transaction Counterparty. In addition,
under the FTSE Transaction, the FTSE Transaction Counterparty is (provided that
the final FTSE level is not below the break-even level) obliged to pay an amount
which, together with the principal amounts payable on redemption of the Bonds,
is intended to provide the final capital entitlement. If, however, the final
FTSE level is below the break-even level, no payment is due from the FTSE
Transaction Counterparty under the FTSE Transaction and, instead, the Company is
obliged to pay an amount to the FTSE Transaction Counterparty, which amount is
intended to be funded from the principal amounts payable on redemption of the
Bonds.

The final capital entitlement is only payable at the winding-up date. If at the
winding-up date the final FTSE level is at least equal to 85% of the Start Value
then the final capital entitlement will be equal to the Defined Capital Return.
If the final FTSE level is below 85 per cent of the Start Value, the final
capital entitlement will be reduced on a straight line basis from the Defined
Capital Return down to zero when the final FTSE level is less than or equal to
25 per cent of the Start Value.

As at 31 January 2008, the FTSE stood at 5,8789.8 and the index cover was
1.498,768 times, this representing the extent to which the FTSE was higher than
the level required for Defined Capital Return to be paid.  If the winding-up
date had been 31 January 2008, the accrued entitlement as at that date would
have been 122.41 pence per share.

Any material change in the investment policy of the Company described above may
only be made with the approval of Shareholders by an ordinary resolution and the
separate class approval of Geared Income Shareholders.



Exposure to other Investment Companies

The Company had no exposure to other UK listed investment companies as at 31
January 2008.



Material Events

The Board is not aware of any material events or transactions which have
occurred between 31 October 2007 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company.



Availability of Accounts and Monthly Fact Sheets

Copies of the Company's most recent report and Accounts to Shareholders together
with monthly fact sheets for the Company are available for download from
www.jupiteronline.co.uk and by post or fax on request from the company
secretarial department.

The Company's Ordinary shares are listed on the London Stock Exchange and the
prices are published in the Financial Times under 'Investment Companies'.

The Net Asset Values of the Company's ordinary shares are calculated monthly and
can be viewed on the London Stock Exchange website at
www.londonstockexchange.com (under the heading 'Market News').



Share Identifiers

ISIN: GB00B02WRN57
Sedol: 02WRN57
Ticker: DCR/LON


For further information, please contact

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
rpavry@jupiter-group.co.uk
020 7314 4822


The Company's Registered office is at Standard Bank House, PO Box 583, 47-49 La
Motte Street, St Helier, Jersey JE4 8XR, Channel Islands.

This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.




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

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