Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 September 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	1.14%
Ecofin Global Utilities and Infrastructure	1.02%
Utilico Finance Ltd Zero Div Pref 2018	1.01%
Phoenix Spree Deutschland	0.73%
Utilico Finance Ltd Zero Div Pref 2020	0.69%
Alliance Trust	0.68%
Utilico Finance Ltd Zero Div Pref 2016	0.68%
Miton Worldwide Growth Investment Trust	0.40%
HICL Infrastructure	0.13%
Henderson Alternative Strategies Trust	0.13%
DW Catalyst Fund	0.12%
BH Global	0.09%
Hansa Trust 'A' (Non-Voting)	0.08%
LMS Capital	0.06%
CVC Credit Partners European Opportunities	0.06%
Apax Global Alpha	0.03%
Dexion Absolute EUR	0.01%
Dexion Absolute USD	0.01%
Total	7.07%

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

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019	5.01%
UK Treasury 1.25% Index-Linked 2017	4.97%
North Atlantic Smaller Companies	3.75%
UK Treasury 0.125% Index-Linked 2024	2.97%
USA Treasury 1.375% Index-Linked 2018	2.87%
USA Treasury 2.0% Index-Linked 2026	2.77%
USA Treasury 0.625% Index-Linked 2021	2.33%
NB Private Equity ZDP	2.32%
M&G High Income Investment Trust	2.30%
UK Treasury Bill 2017	2.18%
Total	31.47%