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 4 July 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           2.52%
London & St Lawrence Investment
Company                                                1.46%
Utilico Finance LTD Zero Div Pref  2016                0.62%
Utilico Ltd                                            0.58%
Advance Developing Markets Trust                       0.46%
Eclectic Investment Trust                              0.30%

Total                                                  5.95%


Capital Gearing Trust p.l.c also announces that as at close of
business on 4 July 2008 the ten largest investments were as follows:


Name                                          Percentage of portfolio
Sweden ( Kingdom of ) 3.5% Bonds 01/12/28              6.68%
Switzerland (Govt of) 2% Bonds 2014                    5.24%
France (Govt of ) 5.5% OAT 25/04/29                    4.40%
Treasury 2.5% Index Linked 2013                        4.37%
Life Offices Opportunities Trust                       4.18%
Switzerland (Govt of ) 3.0% Bonds 2018                 4.18%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28               4.06%
USA Treasury 2.0% TIPS 15/01/16                        3.02%
Utilico Finance LTD Zero Div Pref 31.10.2012           2.52%
France ( Govt of ) 3.15% OATEI 25/07/32                2.41%

Total                                                 41.06%


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: 7 July 2008

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