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 January 2017, 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	1.05%
Utilico Finance Ltd Zero Div Pref 2018	1.00%
Phoenix Spree Deutschland	0.69%
Utilico Finance Ltd Zero Div Pref 2020	0.63%
Ecofin Global Utilities and Infrastructure	0.63%
DW Catalyst Fund	0.59%
Alliance Trust	0.41%
BH Global	0.40%
Miton Worldwide Growth Investment Trust	0.30%
Ranger Direct Lending	0.30%
Henderson Alternative Strategies Trust	0.27%
Hansa Trust 'A' (Non-Voting)	0.08%
LMS Capital	0.03%
Dexion Absolute EUR	0.01%
Dexion Absolute USD	0.01%
Total	6.40%

Capital Gearing Trust P.l.c. also announces that, as at 5 January 2017, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019	5.58%
UK Treasury 1.25% Index-Linked 2017	4.59%
North Atlantic Smaller Companies	3.51%
USA Treasury 2.0% Index-Linked 2026	2.88%
UK Treasury 0.125% Index-Linked 2024	2.73%
USA Treasury 0.625% Index-Linked 2021	2.21%
M&G High Income Investment Trust	2.16%
NB Private Equity ZDP	2.13%
UK Treasury Bill 2017	2.01%
USA Treasury 1.75% Index-Linked 2028	1.93%
Total	29.73%

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]