Portfolio update

Monthly Portfolio Update

In accordance with Listing Rule 15.6.8 (1), Capital Gearing Trust plc
announces that as at 29 February 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                    2.45%
London & St Lawrence Investment
Company                                                         1.32%
Advance Developing Markets Trust                                0.82%
Utilico Finance LTD Zero Div Pref  2016                         0.59%
Eclectic Investment Trust                                       0.33%

Total                                                           5.52%


Capital Gearing Trust plc also announces that as at 29 February 2008
the ten largest investments were as follows:


Name                                          Percentage of portfolio

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                       6.26%
Switzerland (Govt of) 2% Bonds 2014                             5.13%
France (Govt of ) 5.5% OAT 25/04/29                             4.42%
Treasury 2.5% Index Linked 2013                                 4.22%
Switzerland (Govt of ) 3.0% Bonds 2018                          4.12%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                        4.08%
Life Offices Opportunities Trust                                3.99%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                    3.01%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                         2.63%
Utilico Finance LTD Zero Div Pref 31.10.2012                    2.45%

Total                                                          40.30%


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: 3 March 2008

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