Portfolio Update - June 2015

CAPITAL GEARING TRUST P.L.C. (the ‘Company’)

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 30 June 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
Utilico Finance Ltd Zero Div Pref 2018	1.12%
Utilico Finance Ltd Zero Div Pref 2016	0.94%
Miton Worldwide Growth Investment Trust	0.47%
LMS Capital	0.40%
Schroder Global Real Estates	0.26%
Utilico Finance Ltd Zero Div Pref 2020	0.26%
Dexion Absolute EUR	0.18%
Dexion Absolute USD	0.15%
Hansa Trust ‘A’ (Non-Voting)	0.12%
BACIT	0.07%
Total	3.97%

Capital Gearing Trust P.l.c. also announces that, as at 30 June 2015, the ten largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 2.0% Index-Linked 2016	5.85%
UK Treasury 1.25% Index-Linked 2017	4.73%
North Atlantic Smaller Companies	4.32%
USA Treasury 1.375% Index-Linked 2018	3.43%
USA Treasury 2.0% Index-Linked 2026	3.19%
M&G High Income Investment Trust	3.03%
UK Treasury 0.125% Index-Linked 2024	2.94%
Ecofin Water & Power Opportunities	2.86%
USA Treasury 0.625% Index-Linked 2021	2.69%
Switzerland 3.0% Index-Linked 2018	2.37%
Total	35.41%

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:
Katherine Manson, TMF Corporate Secretarial Services Limited
Email:[e-mail]

Date: 01 July 2015