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 October 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 1.11%
Residential Secure Income 0.78%
Utilico Finance Ltd Zero Div Pref 2020 0.50%
Pollen Street Secured Lending 0.39%
Acorn Income Fund Zero Div Pref 2022 0.36%
Pershing Square Holdings 0.31%
US Solar Fund 0.17%
BBGI SICAV S.A. 0.04%
Total 3.66%

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

largest investments were as follows:

Name Percentage of net assets
UK Treasury 0.125% Index-Linked 2019 5.85%        
iShares Core FTSE 100 ETF 3.90%
Vanguard FTSE Japan UCITS ETF 2.65%
USA Treasury 2.0% Index-Linked 2026 2.33%        
Grainger 1.99%        
Investor B 1.74%
North Atlantic Smaller Companies 1.73%
USA Treasury 2.375% Index-Linked 2025 1.48%
Vanguard S&P 500 UCITS ETF 1.45%        
USA Treasury 3.875% Index-Linked 2029 1.37%
Total 24.49%

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:

PATAC Limited, Company Secretary

Email: company.secretary@capitalgearingtrust.com

UK 100

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