Portfolio Update

Capital Gearing Trust PLC
02 November 2004


CAPITAL GEARING TRUST plc

Top Ten Investments

In accordance with the listings Rule 21.20 (l) (i).  Capital Gearing Trust plc
announces that as at 29 October 2004 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

BFS Absolute Return Zero Pref                                              1.49%
London & St Lawrence                                                       1.40%
Martin Currie Capital Return 'A'                                           1.34%
Utilico Zero Pref                                                          0.65%
Hansa Trust 'A'; Ordinary                                                  0.60%

Total                                                                      5.48%


In accordance with Listing Rule(l) (ii).  Capital Gearing Trust plc announces
that at 29 October 2004 the ten largest investments were as follows:

Company                                                  Percentage of portfolio

Kingdom of Sweden Index - Linked 3.5% 2028                                 7.01%
Jupiter Split Trust Zero Pref                                              6.24%
France OAT 5.5% 2029                                                       5.44%
German Bund 4.75% 2029                                                     4.89%
Aberdeen Development Capital Zero Pref                                     4.79%
German Bund 4% 2009                                                        3.29%
Canada Index-Linked 4.0% 2031                                              3.17%
USA TIPS 3.625% 2028                                                       3.16%
Premium Trust Zero Pref                                                    2.52%
Rutland Trust                                                              2.47%

Total                                                                     42.98%


There were no additional investments with a value greater that 5% of the
Company's portfolio.


Enquires

Andrew Kane
Ernst & Young LLP
01582 643272

END



Yours faithfully

Andrew Kane
Company Secretarial Group



                      This information is provided by RNS
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