Quarterly Portfolio update

In accordance with Listing Rule 15.6.8, Capital Gearing Trust p.l.c
announces that as at 3 April 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                                             2.63
  London & St Lawrence Investment
Company                                                1.61
  Utilico Finance LTD Zero Div Pref  2016              0.48
  Utilico Ltd                                          0.20
  Advance UK Trust                                     0.16
  Eclectic Investment Trust                            0.10

Total                                                  5.18%


Capital Gearing Trust p.l.c also announces that as at 3 April 2009
the ten largest investments were as follows:


Name                                          Percentage of portfolio
  Treasury 2.5% Index Linked 2013                      6.98
  Switzerland (Govt of) 2% Bonds 2014                  6.83
  Switzerland (Govt of ) 3.0% Bonds 2018               5.50
  France (Govt of ) 5.5% OAT 25/04/2029                5.36
  Germany ( Fed Rep ) 4.75% Bunds
04/07/2028                                             5.00
  USA Treasury 2.0% TIPS 15/01/2016                    4.95
  USA Treasury Notes 1.375 15/07/2018                  4.92
  USA Treasury 2.0% TIPS 15/01/2026                    3.57
  USA Treasury Notes 0.625% Deb 15/04/2013             2.92
  Allianz Dresdner 2nd Endowment Policy Trust
2009                                                   2.82

Total                                                 48.85%


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

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

Date: 7 April 2009

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