REG-Capital Gearing Tst: Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update - Revised

Capital Gearing Trust p.l.c announces that as at 30 October 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 31/10/12 2.58%

London & St Lawrence Investment Company 1.42%

Utilico Finance LTD Zero Div Pref 2016 0.83%

Advance UK Trust 0.58%

Cazenove Absolute Equity Ltd 0.52%

Advance Developing Markets Subscription Shares 0.51%

Iimia Investment Trust 0.44%

Midas Income & Growth 0.44%

Tapestry Investment Co Red Ptg Pref Shares 0.38%

Utilico Ltd 0.30%

Eclectic Investment Trust 0.19%

Ceres Agriculture Fund 0.14%

Goldman Sachs Dynamic Opportunities USD 0.07%

Total 8.40%

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

Name Percentage of
portfolio

Treasury 2.5% Index Linked 2013 6.71%

Switzerland (Govt of) 2% Bonds 2014 6.20%

Switzerland (Govt of) 3% Bonds 2018 5.00%

France (Govt of) 5.5% OAT 25/04/29 4.91%

Germany (Fed Rep) 4.75% Bonds 04/07/28 4.57%

USA Treasury 2% Index Linked Bonds 15/01/16 4.19%

USA Treasury 1.375 Index Linked Bonds 15/07/2018 4.17%

USA Treasury 2% Index Linked Bonds 15/01/26 3.10%

Allianz Dresdner 2nd Endowment Policy Trust 2009 2.64%

Utilico Finance LTD Zero Div Pref 31/10/12 2.58%

Total 44.07%

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'.

Note:

This announcement has been re-issued as the version released on 4 November 2009
incorrectly labelled the Switzerland (Govt of) 2% Bonds 2014 as index-linked,
whereas this security is in fact a fixed interest bond.

Enquiries:

Alice Parker, TMF Corporate Secretarial Services Limited

Email: company.secretary@capitalgearingtrust.com

Date: 12 November 2009

END