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 December 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	1.06%
Utilico Finance Ltd Zero Div Pref 2018	1.01%
Phoenix Spree Deutschland	0.69%
Utilico Finance Ltd Zero Div Pref 2020	0.63%
Ecofin Global Utilities and Infrastructure	0.62%
DW Catalyst Fund	0.59%
BH Global	0.41%
Alliance Trust	0.41%
Miton Worldwide Growth Investment Trust	0.30%
Ranger Direct Lending	0.30%
Henderson Alternative Strategies Trust	0.27%
Hansa Trust 'A' (Non-Voting)	0.08%
LMS Capital	0.03%
Dexion Absolute EUR	0.01%
Dexion Absolute USD	0.01%
Total	6.42%

Capital Gearing Trust P.l.c. also announces that, as at 31 December 2016, the ten largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019	5.57%
UK Treasury 1.25% Index-Linked 2017	4.61%
North Atlantic Smaller Companies	3.52%
USA Treasury 2.0% Index-Linked 2026	2.89%
UK Treasury 0.125% Index-Linked 2024	2.74%
USA Treasury 0.625% Index-Linked 2021	2.23%
M&G High Income Investment Trust	2.17%
NB Private Equity ZDP	2.15%
UK Treasury Bill 2017	2.02%
USA Treasury 1.75% Index-Linked 2028	1.93%
Total	29.83%

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]