Portfolio Update - January 2014

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 January 2014, 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                                              0.94%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                                 0.92%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                            0.91%        
                                                                               
Oryx International Growth                                         0.79%       
                                                                               
Renewables Infrastructure                                         0.59%        
                                                                               
Miton Worldwide Growth Investment Trust                           0.47%        
                                                                               
BH Global EUR                                                     0.29%        
                                                                               
BH Global GBP                                                     0.28%        
                                                                               
BACIT                                                             0.24%        
                                                                               
Hansa Trust `A' (Non-Voting)                                      0.17%        
                                                                               
Dexion Absolute GBP                                               0.16%        
                                                                               
Dexion Trading                                                    0.15%        
                                                                               
BH Global USD                                                     0.09%        
                                                                               
Dexion Absolute USD                                               0.07%        
                                                                               
Geiger Counter                                                    0.07%        
                                                                               
Total                                                             7.44%        
                                                                               

Capital Gearing Trust P.l.c. also announces that, as at 31 January 2014, the
ten largest investments were as follows:

Name                                                         Percentage of         
                                                               portfolio             
                                                                               
Switzerland 3.0% 2018                                             4.16%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                              4.01%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                               3.92%         
                                                                               
North Atlantic Smaller Companies                                  3.82%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                             3.52%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                               3.51%         
                                                                               
M&G High Income Investment Trust                                  3.06%         
                                                                               
Sweden 0.5% Index-Linked 2017                                     2.87%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                             2.68%         
                                                                               
Ecofin Water & Power Opps.                                        2.46%         
                                                                               
Total                                                             34.01%        


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: 7 February 2014