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 July 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
Residential Secure Income	0.90%
GCP Infrastructure Investments	0.89%
Pershing Square 5.5% 2022	0.66%
RIT Capital Partners	0.46%
Acorn Income Fund Zero Div Pref 2022	0.33%
Pershing Square Holdings	0.33%
Total	3.57%

Capital Gearing Trust P.l.c. also announces that, as at 5 July 2021, the ten largest investments were as follows:

Name	Percentage of net assets
iShares MSCI Japan ESG Screened UCITS ETF	4.76%
UK Treasury 0.125% Index-Linked 2024	3.19%
Vonovia	2.72%
Vanguard FTSE 100 UCITS ETF	2.39%
North Atlantic Smaller Companies	2.18%
Grainger	2.06%
Secure Income REIT	1.85%
WisdomTree Physical Swiss Gold	1.55%
GCP Student Living	1.51%
iShares Core FTSE 100 ETF	1.47%
Total	23.68%

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:

Juniper Partners Limited, Company Secretary

Email: [e-mail]