Portfolio Update

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

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 April 2017, 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
Utilico Finance Ltd Zero Div Pref 2018	0.89%
Acorn Income Fund ZDP	0.86%
Ecofin Global Utilities and Infrastructure	0.59%
Utilico Finance Ltd Zero Div Pref 2020	0.56%
HICL Infrastructure	0.55%
DW Catalyst Fund	0.51%
Phoenix Spree Deutschland	0.37%
BH Macro	0.33%
BH Macro USD	0.29%
Ranger Direct Lending	0.26%
BH Global	0.17%
Miton Worldwide Growth Investment Trust	0.13%
Hansa Trust 'A' (Non-Voting)	0.07%
LMS Capital	0.02%
Total	5.60%

Capital Gearing Trust P.l.c. also announces that, as at 5 April 2017, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019	4.98%
USA Treasury 2.0% Index-Linked 2026	4.53%
UK Treasury 1.25% Index-Linked 2017	4.07%
North Atlantic Smaller Companies	3.10%
UK Treasury 0.125% Index-Linked 2024	2.45%
USA Treasury 0.25% Index-Linked 2025	2.39%
USA Treasury 0.625% Index-Linked 2021	1.96%
NB Private Equity ZDP	1.89%
UK Treasury Bill 2017	1.77%
Aberforth Geared Income Trust ZDP	1.77%
Total	28.91%