Portfolio update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 29 May 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                    2.68%
London & St Lawrence Investment
Company                                                         1.70%
Utilico Finance LTD Zero Div Pref 2016                          0.83%
Advance UK Trust                                                0.49%
Advance Developing Markets                                      0.48%
Utilico Ltd                                                     0.23%
Eclectic Investment Trust                                       0.10%

Total                                                           6.51%


Capital Gearing Trust p.l.c also announces that as at 29 May 2009 the
ten largest investments were as follows:


Name                                          Percentage of portfolio

Treasury 2.5% Index Linked 2013                                 6.92%
Switzerland (Govt of) 2% Index Linked Bonds
2014                                                            6.47%
Switzerland (Govt of ) 3.0% Bonds 2018                          5.12%
France (Govt of ) 5.5% OAT 25/04/2029                           4.94%
Germany ( Fed Rep ) 4.75% Bonds 04/07/2028                      4.59%
USA Treasury 2.0% Index Linked 15/01/2016                       4.41%
USA Treasury 1.375% Index Linked 15/07/2018                     4.36%
USA Treasury 2.0% Index Linked 15/01/2026                       3.14%
Allianz Dresdner 2nd Endowment Policy Trust
2009                                                            2.82%
USA Treasury 0.625% Index Linked 15/04/2013                     2.64%

Total                                                          45.41%


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:
Keith Hawkins or Diane Friend, TMF Corporate Secretarial Services
Limited
Email: [e-mail]

Date: 1 June 2009

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