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 April 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
Schroder Global Real Estates	2.08%
Utilico Finance Ltd Zero Div Pref 2018	1.01%
Utilico Finance Ltd Zero Div Pref 2016	0.85%
Phoenix Spree Deutschland	0.71%
Highbridge Multi-Strategy	0.43%
Miton Worldwide Growth Investment Trust	0.40%
Utilico Finance Ltd Zero Div Pref 2020	0.23%
P2P Global Investments	0.21%
LMS Capital	0.19%
VPC Specialty Lending Investments	0.16%
Henderson Alternative Strategies Trust	0.14%
Alliance Trust	0.12%
Hansa Trust 'A' (Non-Voting)	0.09%
Total	6.62%

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

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.28%
North Atlantic Smaller Companies	4.51%
UK Treasury 0.125% Index-Linked 2019	4.11%
USA Treasury 1.375% Index-Linked 2018	3.33%
USA Treasury 2.0% Index-Linked 2026	3.18%
M&G High Income Investment Trust	2.76%
USA Treasury 0.625% Index-Linked 2021	2.67%
UK Treasury 0.125% Index-Linked 2024	2.65%
Ecofin Water & Power Opportunities	2.61%
Electra Private Equity Investments	2.22%
Total	34.32%

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]