Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update

Capital Gearing Trust p.l.c announces that as at 29 July 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                                        2.22%
                                                                               
London & St Lawrence Investment Company                                   0.98%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.81%
                                                                               
Advance Developing Markets Subscription Shares                            0.80%
                                                                               
Miton Worldwide Investment Trust                                          0.46%
                                                                               
Hansa Trust A Non-Voting                                                  0.29%
                                                                               
Utilico                                                                   0.28%
                                                                               
Total                                                                     5.84%

Capital Gearing Trust p.l.c also announces that as at 29 July 2011 the ten
largest investments were as follows:

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
Switzerland (Govt of) 3.0% Bonds 2018                                     5.32%
                                                                               
USA Treasury 1.75% Index Linked Bonds 2028                                5.14%
                                                                               
Treasury 1.25% Index Linked 2017                                          5.07%
                                                                               
USA Treasury 2.0% Index Linked Bonds 2026                                 4.82%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked Bonds 2028                          4.69%
                                                                               
Germany (Fed Rep) 4.0% Bonds 2037                                         4.47%
                                                                               
Germany (Fed Rep) 4.75% Bonds 2028                                        3.84%
                                                                               
USA Treasury 1.375% Index Linked Bonds 2018                               3.77%
                                                                               
Germany (Fed Rep) 1.75% Index Linked 2020                                 3.70%
                                                                               
Treasury 1.25% Index Linked 2027                                          3.62%
                                                                               
Total                                                                    44.44%

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 August 2011