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 2019, 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 net assets
Pershing Square 5.5% 2022	1.41%
Residential Secure Income	0.97%
Utilico Finance Ltd Zero Div Pref 2020	0.60%
P2P Global Investments	0.55%
Acorn Income Fund Zero Div Pref 2022	0.43%
Pershing Square Holdings	0.35%
US Solar Fund	0.21%
BBGI SICAV S.A.	0.05%
Hansa Trust 'A' (Non-Voting)	0.04%
Total	4.61%

Capital Gearing Trust P.l.c. also announces that, as at 5 July 2019, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2019	7.01%
iShares Core FTSE 100 ETF	2.97%
USA Treasury 2.0% Index-Linked 2026	2.71%
USA Treasury 0.25% Index-Linked 2025	2.69%
Vanguard FTSE Japan UCITS ETF	2.56%
North Atlantic Smaller Companies	2.10%
Investor B	1.90%
USA Treasury 3.875% Index-Linked 2029	1.78%
USA Treasury 2.375% Index-Linked 2025	1.74%
Grainger	1.58%
Total	27.04%