Portfolio update

Monthly Portfolio Update

In accordance with Listing Rule 15.6.8 (1), Capital Gearing Trust plc
announces that as at 31 October 2007 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                   2.47%
Advance Developing Markets Trust                               1.91%
London & St Lawrence Investment Company Ord                    1.51%
Advance UK Trust                                               1.39%
Eclectic Investment Trust                                      0.39%

Total                                                          7.67%


It should be noted that the above percentages are calculated using
'bid prices'.

Enquiries

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

Date: 1 November 2007

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