Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 December 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          

Bluecrest Allblue Fund                                                    1.11%

Utilico Finance Ltd Zero Div Pref 2018                             1.10%       

Schroder Global Real Estates                                          1.07%                                                                             

Utilico Finance Ltd Zero Div Pref 2016                              0.93%                                                             

Foresight Solar Fund                                                       0.60%  

Phoenix Spree Deutschland                                             0.51%

Miton Worldwide Growth Investment Trust                        0.45%

P2P Global Investments                                                  0.27%

LMS Capital                                                                   0.25%                                                                      

Utilico Finance Ltd Zero Div Pref 2020                             0.25%       

VPC Specialty Lending Investments                                0.19%       

Dexion Absolute EUR                                                     0.18%

Henderson Alternative Strategies Trust                            0.16%       

Dexion Absolute USD                                                     0.16%

Alliance Trust                                                                 0.13%

Hansa Trust 'A' (Non-Voting)                                            0.11%       

Total                                                                              7.47%                                                            

Capital Gearing Trust P.l.c. also announces that, as at 31 December 2015, the ten

largest investments were as follows:

Name                                                                             Percentage of   
                                                                                      portfolio            

UK Treasury 1.25% Index-Linked 2017                              6.92%        

UK Treasury 2.0% 2016                                                   5.63%        

North Atlantic Smaller Companies                                     4.79%

USA Treasury 1.375% Index-Linked 2018                          3.49%        

USA Treasury 2.0% Index-Linked 2026                             3.21%        

M&G High Income Investment Trust                                 3.02%        

UK Treasury 0.125% Index-Linked 2024                           2.81%        

Ecofin Water & Power Opportunities                                2.80%        

USA Treasury 0.625% Index-Linked 2021                         2.73%        

Sweden Treasury 0.5% Index-Linked 2017                        2.30%        

Total                                                                              37.70%       

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]