Portfolio update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 January 2009 it
had the following investments in other listed closed-ended investment
funds, which do not have a stated investment policy to invest no more
than 15% of their total assets in other listed closed-ended
investment funds:


Name                                          Percentage of portfolio

Utilico Finance LTD Zero Div Pref 31/10/2012                    2.52%
London & St Lawrence Investment
Company                                                         1.61%
Utilico Finance LTD Zero Div Pref 2016                          0.46%
Utilico Ltd                                                     0.22%
Advance UK Trust                                                0.17%
Eclectic Investment Trust                                       0.13%

Total                                                           5.11%


Capital Gearing Trust p.l.c also announces that as at 30 January 2009
the ten largest investments were as follows:


Name                                          Percentage of portfolio

Treasury 2.5% Index Linked 2013                                 6.96%
Switzerland (Govt of) 2% Bonds 2014                             6.79%
Switzerland (Govt of ) 3.0% Bonds 2018                          5.41%
France (Govt of ) 5.5% OAT 25/04/29                             5.23%
USA Treasury Notes 1.375% 15/07/2018                            5.03%
USA Treasury 2.0% TIPS 15/01/2016                               5.00%
Germany ( Fed Rep ) 4.75% Bunds
04/07/2028                                                      4.88%
USA Treasury Notes 0.625% Deb 15/04/2013                        2.99%
Allianz Dresdner 2nd Endowment Policy Trust
2009                                                            2.84%
Utilico Finance LTD Zero Div Pref 31/10/2012                    2.52%

Total                                                          47.65%


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'.

Enquiries:
Tracey Lago, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 2 February 2009

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