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 April 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 1.49%
Utilico Finance Ltd Zero Div Pref 2018 0.70%
Utilico Finance Ltd Zero Div Pref 2020 0.46%
Ranger Direct Lending Zero Div Pref 2021 0.43%
Ecofin Global Utilities and Infrastructure 0.36%
Target Healthcare REIT 0.19%
BH Global 0.11%
BBGI SICAV SA 0.07%
Hansa Trust 'A' (Non-Voting) 0.06%
Pershing Square Holdings 0.04%
Total 3.91%

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

largest investments were as follows:

Name Percentage of portfolio
UK Treasury 0.125% 2019 9.10%        
USA Treasury 2.0% Index-Linked 2026 3.88%        
USA Treasury 0.25% Index-Linked 2025 3.46%        
Vonovia 2.71%
Vanguard FTSE Japan UCITS ETF 2.59%        
North Atlantic Smaller Companies 2.50%
USA Treasury 2.375% Index-Linked 2025 2.25%
Deutsche Wohnen 1.95%
Sweden Treasury 0.25% Index-Linked 2022 1.80%
UK Treasury 2.5% Index-Linked 2020 1.77%        
Total 32.01%

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: company.secretary@capitalgearingtrust.com

UK 100

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