Quarterly Portfolio Update

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

Quarterly Portfolio Update

In accordance with Listing Rule 15.6.8, the Company announces that as at 3 July 2015, it had 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	1.10%
Utilico Finance Ltd Zero Div Pref 2016	0.94%
Miton Worldwide Growth Trust	0.47%
LMS Capital	0.40%
Schroders Global Real Estate	0.27%
Utilico Finance Ltd Zero Div Pref 2020	0.26%
VPC Specialty Lending Investments	0.21%
SQN Asset Finance Income	0.19%
Dexion Absolute EUR	0.18%
Dexion Absolute USD	0.15%
Hansa Trust ‘A’ (Non-Voting)	0.12%
BACIT	0.08%
Total	4.37%

The Company also announces that as at 3 July 2015 the ten largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 2.0% Index-Linked 2016	5.83%
UK Treasury 1.25% Index-Linked 2017	4.72%
North Atlantic Smaller Companies	4.27%
USA Treasury 1.375% Index-Linked 2018	3.45%
USA Treasury 2.0% Index-Linked 2026	3.19%
M&G High Income Investment Trust	3.02%
UK Treasury 0.125% Index-Linked 2024	2.94%
Ecofin Water & Power Opportunities	2.85%
USA Treasury 0.625% Index-Linked 2021	2.70%
Switzerland 3.0% Index-Linked 2018	2.36%
Total	35.33%

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:

Philip Patterson, TMF Corporate Secretarial Services Limited

Email: [e-mail]

Date: 27 July 2015