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 July 2016, 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
Highbridge Multi-Strategy	1.16%
Utilico Finance Ltd Zero Div Pref 2018	0.86%
Utilico Finance Ltd Zero Div Pref 2016	0.73%
Utilico Finance Ltd Zero Div Pref 2020	0.72%
Phoenix Spree Deutschland	0.68%
Alliance Trust	0.40%
Miton Worldwide Growth Investment Trust	0.39%
Apax Global Alpha	0.21%
CVC Credit Partners European Opportunities	0.18%
Henderson Alternative Strategies Trust	0.12%
BH Global	0.10%
Hansa Trust 'A' (Non-Voting)	0.08%
LMS Capital	0.08%
Total	5.71%

Capital Gearing Trust P.l.c. also announces that, as at 31 July 2016, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	5.35%
UK Treasury 0.125% Index-Linked 2019	5.32%
North Atlantic Smaller Companies	4.02%
UK Treasury 0.125% Index-Linked 2024	3.11%
USA Treasury 1.375% Index-Linked 2018	3.01%
USA Treasury 2.0% Index-Linked 2026	2.92%
USA Treasury 0.625% Index-Linked 2021	2.44%
M&G High Income Investment Trust	2.34%
Ecofin Water & Power Opportunities	2.32%
NB Private Equity	2.32%
Total	33.15%

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:

Steven Cowie, Company Secretary

Email: [e-mail]