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 2020, 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	0.97%
Residential Secure Income	0.85%
Utilico Finance Ltd Zero Div Pref 2020	0.47%
Pershing Square Holdings	0.40%
Acorn Income Fund Zero Div Pref 2022	0.33%
Pollen Street Secured Lending	0.09%
Total	3.11%

Capital Gearing Trust P.l.c. also announces that, as at 5 January 2020, the ten largest investments were as follows:

Name	Percentage of net assets
iShares Core FTSE 100 ETF	4.80%
UK Treasury 0.125% Index-Linked 2024	3.12%
Vanguard FTSE Japan UCITS ETF	2.46%
North Atlantic Smaller Companies	2.22%
Grainger	2.15%
USA Treasury 2.0% Index-Linked 2026	2.05%
Investor B	1.80%
UK Treasury 11/05/2020	1.49%
USA Treasury 0.75% Index-Linked 2045	1.43%
USA Treasury 1.375% Index-Linked 2044	1.42%
Total	22.94%

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: [e-mail]