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 March 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	1.02%
Utilico Finance Ltd Zero Div Pref 2016	0.85%
Phoenix Spree Deutschland	0.72%
Miton Worldwide Growth Investment Trust	0.41%
Highbridge Multi-Strategy	0.34%
Utilico Finance Ltd Zero Div Pref 2020	0.23%
P2P Global Investments	0.21%
LMS Capital	0.20%
VPC Specialty Lending Investments	0.16%
Henderson Alternative Strategies Trust	0.14%
Alliance Trust	0.12%
Hansa Trust 'A' (Non-Voting)	0.09%
Total	6.57%

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

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.31%
North Atlantic Smaller Companies	4.56%
UK Treasury 0.125% Index-Linked 2019	4.13%
USA Treasury 1.375% Index-Linked 2018	3.31%
USA Treasury 2.0% Index-Linked 2026	3.15%
M&G High Income Investment Trust	2.77%
UK Treasury 0.125% Index-Linked 2024	2.66%
USA Treasury 0.625% Index-Linked 2021	2.65%
Ecofin Water & Power Opportunities	2.62%
Electra Private Equity Investments	2.23%
Total	34.39%

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]