Portfolio Update

Capital Gearing Trust PLC
03 May 2006


CAPITAL GEARING TRUST plc

Top Ten Investments

In accordance with Listing Rule 15.4.11(1), Capital Gearing Trust plc announces
that as at 28th April 2006 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

Utilico Zero Pref                                         2.41%
London & St Lawrence                                      1.32%
F&C Private Equity 'A'                                    1.06%
Tribune UK Tracker                                        0.93%
Bear Stearns Private Equity Zero Pref                     0.52%
Advance UK Trust                                          0.31%
F&C Private Equity 'B'                                    0.30%
Advance Developing Markets Trust                          0.25%

Total                                                     7.10%

In accordance with Listing Rule 15.4.11(2), Capital Gearing Trust plc announces
that as at 28th April 2006 the ten largest investments were as follows:

Company                                          Percentage of portfolio

Kingdom of Sweden Index - Linked 3.5% 2028                5.78%
France OAT 5.5% 2029                                      4.64%
Treasury 2.5% Index-Linked 2013                           4.24%
German Bund 4.75% 2028                                    4.17%
TR Property Investment Trust                              3.71%
Rutland Trust                                             3.37%
Canada Index-Linked 4.0% 2031                             3.19%
Active Capital  Trust                                     3.08%
Life Offices Opportunities Trust                          2.92%
German Bund 4% 2009                                       2.63%

Total                                                    37.73%


There were no additional investments with a value greater than 5% of the
Company's portfolio. It should be noted that the above percentages are
calculated using 'bid prices'.

Enquires

Keith Hawkins
Ernst & Young LLP
01582 643276



END


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