Portfolio update

Monthly Portfolio Update

In accordance with Listing Rule 15.6.8 (1), Capital Gearing Trust plc
announces that as at 31 January 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                   2.50%
Advance Developing Markets Trust                               1.64%
London & St Lawrence Investment Company Ord                    1.35%
Advance UK Trust                                               0.36%
Eclectic Investment Trust                                      0.36%
ING Global Real Estate Securities                              0.09%

Total                                                          6.30%


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


Name                                         Percentage of portfolio

Sweden ( Kingdom of ) 3.5% Bonds 01/12/28                      6.28%
Switzerland (Govt of) 2% Bonds 2014                            5.08%
France (Govt of ) 5.5% OAT 25/04/29                            4.43%
Treasury 2.5% Index Linked 2013                                4.27%
Switzerland (Govt of ) 3.0% Bonds 2018                         4.11%
Life Offices Opportunities Trust                               4.09%
Germany ( Fed Rep ) 4.75% Bunds 04/07/28                       4.07%
Canada ( Govt. of ) 4% Index-Linked 01/12/31                   2.95%
Germany ( Fed Rep ) 4.0% Bunds 04/04/09                        2.62%
Utilico Finance LTD Zero Div Pref 31.10.2012                   2.50%

Total                                                         40.40%


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: 4 February 2008

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