CAPITAL GEARING TRUST P.L.C 
By
CAPITAL GEARING TRUST P.L.C. (the 'Company')
Quarterly Portfolio Update
In accordance with Listing Rule 15.6.8, the Company announces that as at 3
January 2014, 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 2018 1.30%
Jupiter Second Split 0.94%
The Cayenne Trust 3.25% Conv 2016 0.93%
Utilico Finance Ltd Zero Div Pref 2016 0.92%
Oryx International Growth 0.76%
Renewables Infrastructure 0.60%
Miton Worldwide Growth Investment Trust 0.48%
BACIT 0.35%
BH Global EUR 0.30%
BH Global GBP 0.29%
Hansa Trust 'A' (Non-Voting) 0.17%
Dexion Absolute GBP 0.16%
Dexion Trading 0.15%
BH Global USD 0.10%
Dexion Absolute USD 0.07%
Geiger Counter 0.06%
Total 7.58%
The Company also announces that as at 3 January 2014 the ten largest
investments were as follows:
Name Percentage of
portfolio
UK Treasury 0.125% Index Linked 2024 6.11%
USA Treasury 2.0% Index Linked 2026 4.43%
Switzerland 3.0% 2018 4.18%
North Atlantic Smaller Companies 3.69%
USA Treasury 1.375% Index Linked 2018 3.52%
M&G High Income Investment Trust 3.04%
UK Treasury 1.25% Index Linked 2027 2.97%
Sweden 0.5% Index Linked 2017 2.90%
USA Treasury 0.625% Index Linked 2021 2.66%
Ecofin Water & Power Opps. 2.48%
Total 35.98%
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: company.secretary@capitalgearingtrust.com
Date:
