Monthly Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 April 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
Schroder Global Real Estates	2.03%
Highbridge Multi-Strategy	1.21%
Utilico Finance Ltd Zero Div Pref 2018	0.97%
Utilico Finance Ltd Zero Div Pref 2016	0.82%
Phoenix Spree Deutschland	0.70%
Miton Worldwide Growth Investment Trust	0.41%
Utilico Finance Ltd Zero Div Pref 2020	0.23%
P2P Global Investments	0.22%
LMS Capital	0.19%
Henderson Alternative Strategies Trust	0.14%
Alliance Trust	0.11%
BH Global	0.11%
Hansa Trust 'A' (Non-Voting)	0.09%
VPC Specialty Lending Investments	0.06%
Total	7.29%

Capital Gearing Trust P.l.c. also announces that, as at 30 April 2016, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.09%
North Atlantic Smaller Companies	4.35%
UK Treasury 0.125% Index-Linked 2019	3.97%
USA Treasury 1.375% Index-Linked 2018	3.13%
USA Treasury 2.0% Index-Linked 2026	2.99%
UK Treasury 0.125% Index-Linked 2024	2.80%
M&G High Income Investment Trust	2.68%
Ecofin Water & Power Opportunities	2.65%
USA Treasury 0.625% Index-Linked 2021	2.51%
Electra Private Equity Investments	2.33%
Total	33.50%

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]