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 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
Bluecrest Allblue Fund	1.11%
Utilico Finance Ltd Zero Div Pref 2018	1.10%
Schroder Global Real Estates	1.07%
Utilico Finance Ltd Zero Div Pref 2016	0.93%
Foresight Solar Fund	0.60%
Phoenix Spree Deutschland	0.56%
Miton Worldwide Growth Investment Trust	0.45%
P2P Global Investments	0.26%
Utilico Finance Ltd Zero Div Pref 2020	0.25%
LMS Capital	0.24%
VPC Specialty Lending Investments	0.19%
Dexion Absolute EUR	0.18%
Dexion Absolute USD	0.16%
Henderson Alternative Strategies Trust	0.16%
Alliance Trust	0.13%
Hansa Trust 'A' (Non-Voting)	0.11%
Total	7.50%

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

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.93%
UK Treasury 2.0% 2016	5.63%
North Atlantic Smaller Companies	4.82%
USA Treasury 1.375% Index-Linked 2018	3.51%
USA Treasury 2.0% Index-Linked 2026	3.23%
M&G High Income Investment Trust	3.02%
Ecofin Water & Power Opportunities	2.86%
UK Treasury 0.125% Index-Linked 2024	2.83%
USA Treasury 0.625% Index-Linked 2021	2.75%
Sweden Treasury 0.5% Index-Linked 2017	2.27%
Total	37.85%

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]