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

Monthly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 27 February 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                      1.14%

Utilico Finance Ltd Zero Div Pref 2016                      0.95%

Cayenne Trust 3.25% Conv 2016                               0.90%

Miton Worldwide Growth Investment Trust                     0.47%

LMS Capital                                                 0.35%

Utilico Finance Ltd Zero Div Pref 2020                      0.23%

Schroder Global Real Estates                                0.20%

Dexion Absolute EUR                                         0.18%

Dexion Absolute USD                                         0.15%

Hansa Trust 'A' (Non-Voting)                                0.12%

BlueCrest Blue Trend                                        0.10%

BACIT                                                       0.07%

Total                                                       4.86%


Capital Gearing Trust P.l.c. also announces that, as at 27 February 2015, the
ten largest investments were as follows:

Name                                                    Percentage of
                                                          portfolio

UK Treasury 2.0% Index-Linked 2016                          5.89%

North Atlantic Smaller Companies                            4.24%

UK Treasury 1.25% Index-Linked 2017                         3.68%

USA Treasury 1.375% Index-Linked 2018                       3.50%

UK Treasury 0.125% Index-Linked 2024                        3.43%

USA Treasury 2.0% Index-Linked 2026                         3.33%

M&G High Income Investment Trust                            3.02%

USA Treasury 0.625% Index-Linked 2021                       2.76%

Ecofin Water & Power Opportunities                          2.61%

Switzerland 3.0% Index-Linked 2018                          2.40%

Total                                                      34.86%

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: company.secretary@capitalgearingtrust.com

Date: 04 March 2015

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