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 October 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	1.09%
Utilico Finance Ltd Zero Div Pref 2016	0.93%
John Laing Environmental Asset Group	0.74%
Schroder Global Real Estates	0.51%
Miton Worldwide Growth Investment Trust	0.46%
LMS Capital	0.37%
P2P Global Investments	0.30%
Utilico Finance Ltd Zero Div Pref 2020	0.25%
Phoenix Spree Deutschland	0.23%
VPC Specialty Lending Investments	0.21%
SQN Asset Finance Income	0.19%
Dexion Absolute EUR	0.19%
Weiss Korea	0.17%
Alliance Trust	0.17%
Dexion Absolute USD	0.15%
Hansa Trust 'A' (Non-Voting)	0.11%
BACIT	0.07%
Total	6.14%

Capital Gearing Trust P.l.c. also announces that, as at 5 October 2015, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 2.0% 2016	5.76%
North Atlantic Smaller Companies	4.66%
UK Treasury 1.25% Index-Linked 2017	4.65%
USA Treasury 1.375% Index-Linked 2018	3.49%
USA Treasury 2.0% Index-Linked 2026	3.24%
M&G High Income Investment Trust	3.02%
UK Treasury 0.125% Index-Linked 2024	2.94%
Ecofin Water & Power Opportunities	2.83%
USA Treasury 0.625% Index-Linked 2021	2.75%
Sweden Treasury 0.5% Index-Linked 2017	2.32%
Total	35.66%

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]