Monthly Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 March 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%        
                                                                               
Utilico Finance Ltd Zero Div Pref 2016                        0.92%        
                                                                               
The Cayenne Trust 3.25% Conv 2016                             0.91%        
                                                                               
Oryx International Growth                                     0.83%        
                                                                               
BH Global EUR                                                 0.67%        
                                                                               
Renewables Infrastructure                                     0.58%        
                                                                               
Miton Worldwide Growth Investment Trust                       0.45%        
                                                                               
Hansa Trust 'A' (Non-Voting)                                  0.18%        
                                                                               
Dexion Trading                                                0.10%        
                                                                               
Dexion Absolute GBP (redemption 2013)                         0.11%        
                                                                               
BACIT                                                         0.07%        
                                                                               
Dexion Absolute USD                                           0.06%        
                                                                               
Dexion Absolute USD (redemption 2013)                         0.05%        
                                                                               
Dexion Absolute GBP                                           0.04%        
                                                                               
Total                                                         7.21%        
                                                                                                                                                
         
Capital Gearing Trust P.l.c. also announces that, as at 31 March 2014, the ten
largest investments were as follows:

Name                                                     Percentage of         
                                                           portfolio             
                                                                               
Switzerland 3.0% 2018                                         4.14%         
                                                                               
UK Treasury 0.125% Index-Linked 2024                          4.01%         
                                                                               
North Atlantic Smaller Companies                              3.97%         
                                                                               
UK Treasury 1.25% Index-Linked 2017                           3.88%         
                                                                               
USA Treasury 2.0% Index-Linked 2026                           3.42%         
                                                                               
USA Treasury 1.375% Index-Linked 2018                         3.41%         
                                                                               
UK Treasury 2.0% Index-Linked 2016                            3.26%         
                                                                               
M&G High Income Investment Trust                              3.04%         
                                                                               
Sweden 0.5% Index-Linked 2017                                 2.84%         
                                                                               
USA Treasury 0.625% Index-Linked 2021                         2.60%         
                                                                               
Total                                                        34.57%        


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: 4 April 2014