Quarterly 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 2021, 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	0.85%
Residential Secure Income	0.80%
Pershing Square Holdings	0.70%
Acorn Income Fund Zero Div Pref 2022	0.40%
GCP Infrastructure Investments	0.27%
Pollen Street Secured Lending	0.09%
Total	3.11%

Capital Gearing Trust P.l.c. also announces that, as at 5 January 2021, the ten

largest investments were as follows:

Name	Percentage of net assets
Vanguard FTSE Japan UCITS ETF	4.63%
Vonovia	2.51%
UK Treasury 0.125% Index-Linked 2024	2.47%
iShares Core FTSE 100 ETF	2.20%
North Atlantic Smaller Companies	2.09%
Vanguard FTSE 100 UCITS ETF	2.04%
WisdomTree Physical Swiss Gold	1.99%
Tritax Big Box REIT	1.82%
Grainger	1.75%
Secure Income REIT	1.75%
Total	23.25%

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]