Portfolio Update

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

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 July 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	0.83%
International Public Partnerships	0.64%
Ecofin Global Utilities and Infrastructure	0.60%
Utilico Finance Ltd Zero Div Pref 2020	0.55%
DW Catalyst Fund	0.50%
Ranger Direct Lending Zero Div Pref 2021	0.41%
Hadrian’s Wall Secured Investments	0.37%
BH Global	0.25%
BBGI SICAV SA	0.09%
Hansa Trust 'A' (Non-Voting)	0.07%
LMS Capital	0.02%
Total	4.33%

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

largest investments were as follows:

Name	Percentage of portfolio
USA Treasury 2.0% Index-Linked 2026	4.82%
UK Treasury 0.125% 2019	4.64%
USA Treasury 0.25% Index-Linked 2025	4.10%
North Atlantic Smaller Companies	2.97%
UK Treasury 1.25% Index-Linked 2017	2.36%
Sweden Treasury 0.25% Index-Linked 2022	2.05%
Vonovia	2.00%
USA Treasury 0.125% Index-Linked 2023	1.95%
USA Treasury 2.375% Index-Linked 2025	1.80%
NB Private Equity ZDP	1.77%
Total	28.46%

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]