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 30 September 2023, 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
GCP Infrastructure Investments	0.54%
Pershing Square Holdings	0.42%
AVI Global Trust	0.40%
BBGI Global Infrastructure	0.39%
Residential Secure Income	0.33%
RIT Capital Partners	0.18%
UIL Zero Div Pref 2024	0.13%
Total	2.39%

Capital Gearing Trust P.l.c. also announces that, as at 30 September 2023, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	9.25%
UK Treasury 0.125% Index-Linked 2029	5.88%
iShares MSCI Japan ESG Screened ETF	3.81%
UK Treasury 0.125% Index-Linked 2028	3.17%
SPDR MSCI Europe Energy ETF	2.90%
UK Treasury 0.125% Index-Linked 2026	2.82%
US Treasury 0.625% Index-Linked 2043	2.82%
Sweden (Kingdom of) 1.5% 2023	2.02%
US Treasury 0.75% Index-Linked 2045	1.96%
US Treasury 1.375% Index-Linked 2044	1.58%
Total	36.21%