Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 28 April 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 LTD Zero Div Pref 2012                                    2.36%
                                                                               
London & St Lawrence Investment Company                                   1.07%
                                                                               
Advance Developing Markets Subscription Shares                            0.89%
                                                                               
Utilico Finance LTD Zero Div Pref 2016                                    0.82%
                                                                               
Miton Worldwide Investment Trust                                          0.51%
                                                                               
Tapestry Investment Co Red Ptg Pref Shares                                0.45%
                                                                               
Utilico Ltd                                                               0.31%
                                                                               
Total                                                                     6.41%

Capital Gearing Trust p.l.c also announces that as at 28 April 2011 the ten
largest investments were as follows:

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
Treasury 1.25% Index Linked 2017                                          6.07%
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.08%
                                                                               
Switzerland (Govt of) 3% Bonds 2018                                       4.92%
                                                                               
Germany (Fed Rep) 4% Bonds 2037                                           4.56%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        3.97%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               3.88%
                                                                               
Switzerland (Govt of) 2% Bonds 2014                                       3.28%
                                                                               
USA Treasury 2% Index Linked Bonds 2026                                   2.90%
                                                                               
North Atlantic Smaller Companies                                          2.88%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 2.88%
                                                                               
Total                                                                    40.42%

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: 4 May 2011