Monthly Portfolio Update

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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 29 February 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	1.74%
Schroder Global Real Estates	1.32%
Utilico Finance Ltd Zero Div Pref 2018	1.06%
Utilico Finance Ltd Zero Div Pref 2016	0.88%
Phoenix Spree Deutschland	0.71%
Foresight Solar Fund	0.43%
Miton Worldwide Growth Investment Trust	0.42%
Utilico Finance Ltd Zero Div Pref 2020	0.24%
P2P Global Investments	0.22%
LMS Capital	0.22%
VPC Specialty Lending Investments	0.18%
Henderson Alternative Strategies Trust	0.14%
Alliance Trust	0.12%
Hansa Trust 'A' (Non-Voting)	0.10%
Total	7.78%

Capital Gearing Trust P.l.c. also announces that, as at 29 February 2016, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 1.25% Index-Linked 2017	6.56%
North Atlantic Smaller Companies	4.67%
UK Treasury 0.125% Index-Linked 2019	3.74%
USA Treasury 1.375% Index-Linked 2018	3.51%
USA Treasury 2.0% Index-Linked 2026	3.33%
M&G High Income Investment Trust	2.86%
USA Treasury 0.625% Index-Linked 2021	2.79%
UK Treasury 0.125% Index-Linked 2024	2.75%
Ecofin Water & Power Opportunities	2.72%
Electra Private Equity Investments	2.32%
Total	35.25%

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]