Portfolio update

Monthly Portfolio Update

Capital Gearing Trust plc announces that as at 31 March 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                    2.44%
London & St Lawrence Investment
Company                                                         1.28%
Advance Developing Markets Trust                                0.75%
Utilico Finance LTD Zero Div Pref  2016                         0.60%
Eclectic Investment Trust                                       0.32%

Total                                                           5.39%


Capital Gearing Trust plc also announces that as at 31 March 2008 the
ten largest investments were as follows:


Name                                          Percentage of portfolio

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                       6.50%
Switzerland (Govt of) 2% Bonds 2014                             5.39%
France (Govt of ) 5.5% OAT 25/04/29                             4.52%
Switzerland (Govt of ) 3.0% Bonds 2018                          4.32%
Treasury 2.5% Index Linked 2013                                 4.28%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                        4.16%
Life Offices Opportunities Trust                                4.06%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                    2.99%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                         2.71%
Utilico Finance LTD Zero Div Pref 31.10.2012                    2.44%

Total                                                          41.37%


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
Keith Hawkins, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 1 April 2008

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