Monthly Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 November 2015, 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
Foresight Solar Fund					1.14%
Utilico Finance Ltd Zero Div Pref 2018					1.10%
Schroder Global Real Estates					1.02%
Utilico Finance Ltd Zero Div Pref 2016					0.94%
John Laing Environmental Asset Group					0.68%
Phoenix Spree Deutschland					0.46%
Miton Worldwide Growth Investment Trust					0.45%
LMS Capital					0.39%
Sequoia Economic Infrastructure					0.27%
P2P Global Investments					0.27%
Utilico Finance Ltd Zero Div Pref 2020					0.25%
VPC Specialty Lending Investments					0.20%
Dexion Absolute EUR					0.18%
Alliance Trust					0.18%
Henderson Alternative Strategies Trust					0.16%
Dexion Absolute USD					0.15%
Target Healthcare REIT					0.13%
Hansa Trust 'A' (Non-Voting)					0.11%
BACIT					0.07%
Total					8.15%
Capital Gearing Trust P.l.c. also announces that, as at 30 November 2015, the ten
largest investments were as follows:
Name					Percentage of
					portfolio
UK Treasury 1.25% Index-Linked 2017					6.99%
UK Treasury 2.0% 2016					5.66%
North Atlantic Smaller Companies					4.70%
USA Treasury 1.375% Index-Linked 2018					3.44%
USA Treasury 2.0% Index-Linked 2026					3.19%
M&G High Income Investment Trust					3.02%
UK Treasury 0.125% Index-Linked 2024					2.89%
Ecofin Water & Power Opportunities					2.81%
USA Treasury 0.625% Index-Linked 2021					2.71%
Sweden Treasury 0.5% Index-Linked 2017					2.21%
Total					37.62%

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]