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 January 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 portfolio
Pershing Square 5.5% 2022	1.50%
Residential Secure Income	1.16%
Utilico Finance Ltd Zero Div Pref 2020	0.76%
P2P Global Investments	0.58%
Acorn Income Fund Zero Div Pref 2022	0.54%
Ranger Direct Lending Zero Div Pref 2021	0.43%
Target Healthcare REIT	0.30%
Ecofin Global Utilities and Infrastructure	0.28%
Hansa Trust 'A' (Non-Voting)	0.05%
BBGI SICAV SA	0.04%
Total	5.64%

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

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% Index-Linked 2019	8.06%
USA Treasury 2.0% Index-Linked 2026	3.32%
USA Treasury 0.25% Index-Linked 2025	3.28%
Vonovia	2.74%
Vanguard FTSE Japan UCITS ETF	2.39%
USA Treasury 3.875% Index-Linked 2029	2.17%
USA Treasury 2.375% Index-Linked 2025	2.15%
Deutsche Wohnen	1.97%
North Atlantic Smaller Companies	1.96%
Investor	1.93%
Total	29.97%