Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 30 June 2011 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 Zero Div Pref 2012                                        2.25%
                                                                               
London & St Lawrence Investment Company                                   1.00%
                                                                               
Advance Developing Markets Subscription Shares                            0.84%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.79%
                                                                               
Miton Worldwide Investment Trust                                          0.48%
                                                                               
Hansa Trust A Non-Voting                                                  0.29%
                                                                               
Utilico                                                                   0.27%
                                                                               
Total                                                                     5.92%

Capital Gearing Trust p.l.c also announces that as at 30 June 2011 the ten
largest investments were as follows:

Name                                                               Percentage of     
                                                                       portfolio       
                                                                               
Treasury 1.25% Index Linked 2017                                          5.76%
                                                                               
Switzerland (Govt of) 3.0% Bonds 2018                                     5.08%
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.03%
                                                                               
USA Treasury 2.0% Index Linked Bonds 2026                                 4.75%
                                                                               
Germany (Fed Rep) 4.0% Bonds 2037                                         4.35%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked Bonds 2028                          4.06%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               3.85%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        3.83%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.75%
                                                                               
Treasury 1.25% Index Linked 2027                                          3.50%
                                                                               
Total                                                                    43.96%

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: 5 July 2011