Portfolio Update - November 2013

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 November 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                               1.30%      
                                                                               
Jupiter Second Split                                                 0.93%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                    0.92%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                               0.91%        
                                                                               
Oryx International Growth                                            0.66%        
                                                                               
Renewables Infrastructure                                            0.58%        
                                                                               
BH Global GBP                                                        0.47%        
                                                                               
Miton Worldwide Growth Investment Trust                              0.47%        
                                                                               
BACIT                                                                0.34%        
                                                                               
Dexion Trading                                                       0.22%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                         0.18%        
                                                                               
Dexion Absolute GBP                                                  0.16%        
                                                                               
BH Global USD                                                        0.08%        
                                                                               
Dexion Absolute USD                                                  0.07%        
                                                                               
Midas Income & Growth                                                0.07%        
                                                                               
Advance Developing Markets                                           0.06%        
                                                                               
Geiger Counter                                                       0.06%        
                                                                               
Total                                                                7.48%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 30 November 2013, the
ten largest investments were as follows:

Name                                                            Percentage of         
                                                                  portfolio             
                                                                               
UK Treasury 0.125% Index-Linked 2024                                 6.22%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                                  4.50%         
                                                                               
Switzerland 3.0% 2018                                                4.20%         
                                                                               
North Atlantic Smaller Companies                                     3.64%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                                3.56%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                                  2.98%         
                                                                               
Sweden 0.5% Index-Linked 2017                                        2.90%         
                                                                                   
M&G High Income Investment Trust                                     2.85%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                                2.69%         
                                                                             
Ecofin Water & Power Opps.                                           2.48%         
                                                                               
Total                                                               36.02%        

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: 5 December 2013