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 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	1.32%
Schroder Global Real Estates	1.08%
Utilico Finance Ltd Zero Div Pref 2018	1.07%
Utilico Finance Ltd Zero Div Pref 2016	0.90%
Phoenix Spree Deutschland	0.57%
Foresight Solar Fund	0.46%
Miton Worldwide Growth Investment Trust	0.44%
Utilico Finance Ltd Zero Div Pref 2020	0.25%
P2P Global Investments	0.24%
LMS Capital	0.22%
VPC Specialty Lending Investments	0.19%
Dexion Absolute EUR	0.18%
Dexion Absolute USD	0.16%
Henderson Alternative Strategies Trust	0.15%
Alliance Trust	0.12%
Hansa Trust 'A' (Non-Voting)	0.10%
Total	7.45%

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Capital Gearing Trust P.l.c. also announces that, as at 31 January 2016, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.74%
North Atlantic Smaller Companies	4.70%
USA Treasury 1.375% Index-Linked 2018	3.51%
USA Treasury 2.0% Index-Linked 2026	3.28%
M&G High Income Investment Trust	2.92%
UK Treasury 0.125% Index-Linked 2024	2.80%
Ecofin Water & Power Opportunities	2.79%
USA Treasury 0.625% Index-Linked 2021	2.78%
Sweden Treasury 0.5% Index-Linked 2017	2.27%
Switzerland Treasury 3% 2018	2.20%
Total	33.99%

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]