Monthly Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 31 May 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
Highbridge Multi-Strategy	1.18%
Utilico Finance Ltd Zero Div Pref 2018	0.95%
Utilico Finance Ltd Zero Div Pref 2016	0.80%
Phoenix Spree Deutschland	0.70%
Miton Worldwide Growth Investment Trust	0.40%
Utilico Finance Ltd Zero Div Pref 2020	0.22%
Alliance Trust	0.21%
LMS Capital	0.17%
Henderson Alternative Strategies Trust	0.13%
Target Healthcare REIT	0.11%
BH Global	0.11%
Hansa Trust 'A' (Non-Voting)	0.09%
Total	5.07%

Capital Gearing Trust P.l.c. also announces that, as at 31 May 2016, the ten largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	5.90%
North Atlantic Smaller Companies	4.21%
UK Treasury 0.125% Index-Linked 2019	3.86%
USA Treasury 1.375% Index-Linked 2018	3.05%
USA Treasury 2.0% Index-Linked 2026	2.89%
UK Treasury 0.125% Index-Linked 2024	2.73%
M&G High Income Investment Trust	2.60%
Ecofin Water & Power Opportunities	2.57%
Electra Private Equity Investments	2.51%
NB Private Equity Partners	2.46%
Total	32.78%

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]