Portfolio Update July 2015

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 July 2015, 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	1.11%
Utilico Finance Ltd Zero Div Pref 2016	0.94%
John Laing Environmental Asset Group	0.74%
Miton Worldwide Growth Investment Trust	0.48%
LMS Capital	0.38%
Schroder Global Real Estates	0.37%
P2P Global Investments	0.30%
Utilico Finance Ltd Zero Div Pref 2020	0.26%
VPC Specialty Lending Investments	0.22%
SQN Asset Finance Income	0.19%
Dexion Absolute EUR	0.18%
Dexion Absolute USD	0.15%
Hansa Trust 'A' (Non-Voting)	0.12%
BACIT	0.07%
Total	5.51%

Capital Gearing Trust P.l.c. also announces that, as at 31 July 2015, the ten largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 2.0% 2016	5.85%
UK Treasury 1.25% Index-Linked 2017	4.71%
North Atlantic Smaller Companies	4.58%
USA Treasury 1.375% Index-Linked 2018	3.45%
USA Treasury 2.0% Index-Linked 2026	3.23%
M&G High Income Investment Trust	3.06%
UK Treasury 0.125% Index-Linked 2024	2.96%
Ecofin Water & Power Opportunities	2.87%
USA Treasury 0.625% Index-Linked 2021	2.71%
Switzerland 3.0% 2018	2.31%
Total	35.73%

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]