Portfolio Update

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

LEI: 213800T2PJTPVF1UGW53

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 July 2018, 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
Residential Secure Income	1.50%
Pershing Square 5.5% 2022	1.39%
Utilico Finance Ltd Zero Div Pref 2020	0.86%
Utilico Finance Ltd Zero Div Pref 2018	0.70%
Ranger Direct Lending Zero Div Pref 2021	0.40%
Ecofin Global Utilities and Infrastructure	0.33%
BBGI SICAV SA	0.27%
John Laing Infrastructure Fund	0.06%
Hansa Trust 'A' (Non-Voting)	0.06%
Target Healthcare REIT	0.05%
Total	5.62%

Capital Gearing Trust P.l.c. also announces that, as at 5 July 2018, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% 2019	8.34%
USA Treasury 2.0% Index-Linked 2026	3.79%
USA Treasury 0.25% Index-Linked 2025	3.70%
Vonovia	2.89%
North Atlantic Smaller Companies	2.53%
Vanguard FTSE Japan UCITS ETF	2.35%
USA Treasury 2.375% Index-Linked 2025	2.19%
USA Treasury 3.875% Index-Linked 2029	2.18%
Investor	2.01%
Deutsche Wohnen	1.94%
Total	31.92%