Portfolio update

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 June 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                    2.51%
London & St Lawrence Investment
Company                                                         1.49%
Utilico Finance LTD Zero Div Pref  2016                         0.62%
Utilico Ltd                                                     0.60%
Advance Developing Markets Trust                                0.49%
Eclectic Investment Trust                                       0.31%

Total                                                           6.02%


Capital Gearing Trust p.l.c also announces that as at 30 June 2008
the ten largest investments were as follows:


Name                                          Percentage of portfolio

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                       6.61%
Switzerland (Govt of) 2% Bonds 2014                             5.21%
France (Govt of ) 5.5% OAT 25/04/29                             4.35%
Treasury 2.5% Index Linked 2013                                 4.27%
Life Offices Opportunities Trust                                4.17%
Switzerland (Govt of ) 3.0% Bonds 2018                          4.15%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                        4.01%
USA Treasury 2.0% TIPS 15/01/16                                 2.95%
Utilico Finance LTD Zero Div Pref 31.10.2012                    2.51%
France ( Govt of ) 3.15% OATEI 25/07/32                         2.38%

Total                                                          40.60%


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: 1 July 2008

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