Quarterly 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 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	1.18%
Utilico Finance Ltd Zero Div Pref 2018	0.89%
Utilico Finance Ltd Zero Div Pref 2016	0.75%
Phoenix Spree Deutschland	0.60%
Miton Worldwide Growth Investment Trust	0.39%
Alliance Trust	0.38%
Utilico Finance Ltd Zero Div Pref 2020	0.21%
Apax Global Alpha	0.20%
CVC Credit Partners European Opportunities	0.19%
LMS Capital	0.15%
Henderson Alternative Strategies Trust	0.13%
BH Global	0.10%
Hansa Trust 'A' (Non-Voting)	0.08%
Target Healthcare REIT	0.05%
Total	5.30%

Capital Gearing Trust P.l.c. also announces that, as at 5 July 2016, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	5.57%
UK Treasury 0.125% Index-Linked 2019	3.68%
North Atlantic Smaller Companies	3.61%
UK Treasury 0.125% Index-Linked 2024	3.21%
USA Treasury 1.375% Index-Linked 2018	3.20%
USA Treasury 2.0% Index-Linked 2026	3.11%
USA Treasury 0.625% Index-Linked 2021	2.60%
M&G High Income Investment Trust	2.43%
Ecofin Water & Power Opportunities	2.41%
Electra Private Equity Investments	2.36%
Total	32.18%

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]