Portfolio Update - October 2013

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 October 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                            1.27%        
                                                                               
Foresight Solar                                                   0.97%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.91%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.90%        
                                                                               
Jupiter Second Split                                              0.83%        
                                                                               
Oryx International Growth                                         0.66%        
                                                                               
Renewables Infrastructure                                         0.58%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.46%        
                                                                               
BH Global GBP                                                     0.41%        
                                                                               
BACIT                                                             0.34%        
                                                                               
Dexion Trading                                                    0.22%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.17%        
                                                                               
Dexion Absolute GBP                                               0.16%        
                                                                               
Advance Developing Markets                                        0.07%        
                                                                               
Dexion Absolute USD                                               0.07%        
                                                                               
Midas Income & Growth                                             0.07%        
                                                                               
BH Global USD                                                     0.06%        
                                                                               
Geiger Counter                                                    0.06%        
                                                                               
Total                                                             8.21%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 31 October 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                              4.62%         
                                                                               
Switzerland 3.0% 2018                                            4.21%         
                                                                               
North Atlantic Smaller Companies                                 3.74%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                            3.59%         
                                                                               
Sweden 0.5% Index-Linked 2017                                    2.93%         
                                                                               
M&G High Income Investment Trust                                 2.77%         
                                                                               
UK Treasury 1.25% Index-Linked 2027                              2.74%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                            2.74%         
                                                                               
Sweden 3.5% Index-Linked 2028                                    2.46%         
                                                                               
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: 8 November 2013