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%