Portfolio Update - December 2013

CAPITAL GEARING TRUST P.L.C. (the 'Company')

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 December 2013, it held
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 2018                          1.31%        
                                                                               
Jupiter Second Split                                            0.94%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                               0.93%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                          0.92%        
                                                                               
Oryx International Growth                                       0.77%        
                                                                               
Renewables Infrastructure                                       0.60%        
                                                                               
Miton Worldwide Growth Investment Trust                         0.48%        
                                                                               
BACIT                                                           0.35%        
                                                                               
BH Global GBP                                                   0.29%        

BH Global EUR                                                   0.29%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                    0.17%        
                                                                               
Dexion Absolute GBP                                             0.16%        
                                                                               
Dexion Trading                                                  0.15%        
                                                                               
BH Global USD                                                   0.10%        
                                                                               
Dexion Absolute USD                                             0.07%        
                                                                               
Geiger Counter                                                  0.06%        
                                                                               
Total                                                           7.59%        
                                                                               
                                                              
Capital Gearing Trust P.l.c. also announces that, as at 31 December 2013, the
ten largest investments were as follows:                       
                                                            
Name                                                       Percentage of         
                                                             portfolio             
                                                                               
UK Treasury 0.125% Index-Linked 2024                            6.15%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                             4.38%         
                                                                               
Switzerland 3.0% 2018                                           4.23%         
                                                                               
North Atlantic Smaller Companies                                3.70%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                           3.50%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                             2.98%         
                                                                               
Sweden 0.5% Index-Linked 2017                                   2.93%         
                                                                               
M&G High Income Investment Trust                                2.87%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                           2.63%         
                                                                               
Ecofin Water & Power Opps.                                      2.49%         
                                                                               
Total                                                          35.86%        

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:
Johana J. Woodruff, TMF Corporate Secretarial Services Limited
Email: [e-mail]

Date: 3 January 2014