Portfolio Update

Capital Gearing Trust PLC
03 April 2006


CAPITAL GEARING TRUST plc

Top Ten Investments

In accordance with Listing Rule 15.4.11(1), Capital Gearing Trust plc announces
that as at 31st March 2006 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                                               2.42%

London & St Lawrence                                            1.32%

F&C Private Equity 'A'                                          1.08%

Advance UK Trust                                                0.30%

F&C Private Equity 'B'                                          0.29%

Advance Developing Markets Trust                                0.24%

Total                                                           5.65%

In accordance with Listing Rule 15.4.11(2), Capital Gearing Trust plc announces
that as at 31st March 2006 the ten largest investments were as follows:

Company                                                  Percentage of portfolio

Kingdom of Sweden Index - Linked 3.5% 2028                      5.95%

France OAT 5.5% 2029                                            4.79%

German Bund 4.75% 2028                                          4.32%

Treasury 2.5% Index-Linked 2013                                 4.27%

TR Property Investment Trust                                    3.79%

Rutland Trust                                                   3.45%

Canada Index-Linked 4.0% 2031                                   3.24%

Active Capital  Trust                                           3.00%

Life Offices Opportunities Trust                                2.81%

German Bund 4% 2009                                             2.65%

Total                                                          38.27%


There were no additional investments with a value greater that 5% of the
Company's portfolio. It should be noted that the above percentages are
calculated using 'bid prices'.

Enquires

Andrew Kane

Ernst & Young LLP

01582 643272


END


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