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 31 March 2022, 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	0.84%
Residential Secure Income	0.71%
Pershing Square Holdings	0.47%
RIT Capital Partners	0.19%
UIL Zero Div Pref 2022	0.10%
UIL Zero Div Pref 2024	0.08%
AVI Global Trust	0.05%
Total	2.44%

Capital Gearing Trust P.l.c. also announces that, as at 31 March 2022, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	5.87%
iShares MSCI Japan ESG Screened UCITS ETF	3.60%
Vonovia	2.44%
Grainger	1.97%
SPDR MSCI Europe UCITS ETF	1.76%
North Atlantic Smaller Companies	1.55%
US Treasury 0.75% Index-Linked 2045	1.48%
Secure Income REIT	1.48%
US Treasury 0.375% Index-Linked 2044	1.40%
Sweden 0.25% Index-Linked 2022	1.38%
Total	22.93%

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]