Quarterly Portfolio update

Quarterly Portfolio Update

In accordance with Listing Rule 15.6.8, Capital Gearing Trust p.l.c
announces that as at close of business on 3 October 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           2.53%
London & St Lawrence Investment
Company                                                1.92%
Utilico Finance LTD Zero Div Pref 2016                 0.61%
Utilico Ltd                                            0.42%
Eclectic Investment Trust                              0.19%

Total                                                  5.67%


Capital Gearing Trust p.l.c also announces that as at close of
business on 3 October 2008 the ten largest investments were as
follows:


Name                                          Percentage of portfolio

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28              6.48%
Switzerland (Govt of) 2% Bonds 2014                    5.94%
Life Offices Opportunities Trust                       5.45%
France (Govt of ) 5.5% OAT 25/04/29                    4.67%
Switzerland (Govt of ) 3.0% Bonds 2018                 4.57%
Treasury 2.5% Index Linked 2013                        4.42%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28               4.30%
USA Treasury 2.0% TIPS 15/01/16                        3.30%
Allianz Dresdner 2nd Endowment Policy Trust
2009                                                   2.92%
Utilico Finance LTD Zero Div Pref 31/10/2012           2.53%

Total                                                 44.58%


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: 8 October 2008

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