Portfolio Update

CAPITAL GEARING TRUST P.L.C

Monthly Portfolio Update (the `Company')

Capital Gearing Trust p.l.c announces that as at 30 March 2012 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                                        2.20%
                                                                               
Advance Developing Markets                                                1.86%
                                                                               
Aberforth Geared Income Zero Div Pref 2017                                1.49%
                                                                               
The Cayenne Trust 3.25% Conv 2016                                         0.94%
                                                                               
Investors in Global Real Estate                                           0.87%
                                                                               
Utilico Finance Zero Div Pref 2016                                        0.84%
                                                                               
London & St Lawrence Investment Company                                   0.72%
                                                                               
Oryx International Growth                                                 0.48%
                                                                               
Miton Worldwide Investment Trust                                          0.42%
                                                                               
Utilico                                                                   0.31%
                                                                               
Hansa Trust `A' (Non-Voting)                                              0.24%
                                                                               
Cazenove Absolute Equity Pref                                             0.07%
                                                                               
Total                                                                    10.44%


Capital Gearing Trust p.l.c also announces that as at 30 March 2012 the ten
largest investments were as follows:

Name                                                              Percentage of     
                                                                      portfolio       
                                                                               
USA Treasury 1.75% Index Linked 2028                                      5.53%
                                                                               
USA Treasury 2.0% Index Linked 2026                                       5.14%
                                                                               
Switzerland (Govt of) 3.0% 2018                                           4.70%
                                                                               
UK Treasury 1.25% Index Linked 2027                                       4.57%
                                                                               
USA Treasury 1.375% Index Linked 2018                                     3.91%
                                                                               
Sweden (Kingdom of) 3.5% Index Linked 2028                                3.83%
                                                                               
UK Treasury 0.125% Index Linked 2029                                      3.23%
                                                                               
Sweden (Kingdom of) 0.5% Index Linked 2017                                3.13%
                                                                               
USA Treasury 0.625% Index Linked 2021                                     2.98%
                                                                               
North Atlantic Smaller Companies                                          2.62%
                                                                               
Total                                                                    39.64%


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 April 2012