Holding(s) in Company

SCHEDULE 10
                                    
NOTIFICATION OF MAJOR INTERESTS IN SHARES
                                    
1) Name of company
Aberforth Geared Capital & Income Trust plc

2) Name of shareholder having a major interest
Merchant Investors Assurance Company Limited

3) Please state whether notification indicates that it is in respect of
 holding of the shareholder named in 2 above or in respect of a
 non-beneficial interest or in the case of an individual holder if it is
a
 holding of that person's spouse or children under the age of 18
Notification is in respect of holding of the shareholder named in 2
above.

4) Name of the registered holder(s) and, if more than one holder, the
 number of shares held by each of them
The Bank of New York (Nominees) Limited

5) Number of shares/amount of stock acquired
N/A

6) Percentage of issued class
N/A

7) Number of shares/amount of stock disposed
350,000

8) Percentage of issued class
1.43%

9) Class of security
Income Shares of 1p

10) Date of transaction
N/A

11) Date company informed
4 June 2003

12) Total holding following this notification
1,114,000

13) Total percentage holding of issued class following this notification
4.55%

14) Any additional information
Allianz AG is the ultimate holding company of Merchant Investors
Assurance Company Limited.

15) Name of contact and telephone number for queries
Steven McKeane - 0131 220 0733

16) Name and signature of authorised company official responsible for
 making this notification
Steven McKeane, for Aberforth Partners, Secretaries.

 Date of notification - 4 June 2003