Portfolio update

Monthly Portfolio Update
 
Capital Gearing Trust plc announces that as at 30 April 2008 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                   2.48%
London & St Lawrence Investment Company                        1.51%
Utilico Finance LTD Zero Div Pref  2016                        0.61%
Utilico Ltd                                                    0.59%
Advance Developing Markets Trust                               0.51%
Eclectic Investment Trust                                      0.32%
                                                                    
Total                                                          6.03%

 
Capital Gearing Trust plc also announces that as at 30 April 2008 the
ten largest investments were as follows:
 

Name                                          Percentage of portfolio
                                                          
Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                       6.38%
Switzerland (Govt of) 2% Bonds 2014                             5.14%
France (Govt of ) 5.5% OAT 25/04/29                             4.44%
Treasury 2.5% Index Linked 2013                                 4.22%
Life Offices Opportunities Trust                                4.14%
Switzerland (Govt of ) 3.0% Bonds 2018                          4.10%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                        4.09%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                    2.98%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                         2.68%
Utilico Finance LTD Zero Div Pref 31.10.2012                    2.48%
                                                                     
Total                                                          40.67%

 
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
Alice Parker, TMF Corporate Secretarial Services Limited
Email: [e-mail]
 
Date: 2 May 2008

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