Portfolio Update

Capital Gearing Trust PLC
01 December 2005

CAPITAL GEARING TRUST plc

Top Ten Investments

In accordance with Listing Rule 15.4.11(1), Capital Gearing Trust plc announces
that as at 30 November 2005 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                                                   2.51%
F&C Private Equity 'A'                                              1.48%
London & St Lawrence                                                1.22%
F&C Private Equity 'B'                                              0.53%
Advance UK Trust                                                    0.28%

Total                                                               6.02%

In accordance with Listing Rule 15.4.11(2), Capital Gearing Trust plc announces
that as at 30 November 2005 the ten largest investments were as follows:

Company                                           Percentage of portfolio

Kingdom of Sweden Index - Linked 3.5% 2028                          6.24%
France OAT 5.5% 2029                                                5.06%
German Bund 4.75% 2028                                              4.59%
Treasury 2.5% Index-Linked 2013                                     4.47%
Rutland Trust                                                       3.50%
Canada Index-Linked 4.0% 2031                                       3.37%
Life Offices Opportunities Trust                                    2.82%
German Bund 4% 2009                                                 2.76%
Utilico Investment Trust Zero Div Pref                              2.51%
Active Capital                                                      2.44%

Total                                                              37.76%



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


                      This information is provided by RNS
            The company news service from the London Stock Exchange