Portfolio update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 June 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                    2.73%
London & St Lawrence Investment
Company                                                         1.62%
Utilico Finance LTD Zero Div Pref 2016                          0.83%
Advance UK Trust                                                0.50%
Advance Developing Markets                                      0.48%
Utilico Ltd                                                     0.28%
Eclectic Investment Trust                                       0.13%
Advance Developing Markets Subscription
Shares                                                          0.10%

Total                                                           6.67%


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


Name                                          Percentage of portfolio

Treasury 2.5% Index Linked 2013                                 6.94%
Switzerland (Govt of) 2% Index Linked Bonds
2014                                                            6.27%
Switzerland (Govt of ) 3.0% Bonds 2018                          5.01%
France (Govt of ) 5.5% OAT 25/04/2029                           4.94%
Germany ( Fed Rep ) 4.75% Bonds 04/07/2028                      4.58%
USA Treasury 2.0% Index Linked 15/01/2016                       4.32%
USA Treasury 1.375% Index Linked 15/07/2018                     4.29%
USA Treasury 2.0% Index Linked 15/01/2026                       3.21%
Allianz Dresdner 2nd Endowment Policy Trust
2009                                                            2.86%
Utilico Finance LTD Zero Div Pref 31/10/2012                    2.73%

Total                                                          45.15%


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

Date: 1 July 2009

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